AGTech secure tenders to supply five provinces in China

Hong Kong-listed AGTech Holdings Limited has announced it has won tenders to supply five provinces / municipalities in China with Sports Lottery Terminals.

Through its indirect wholly-owned subsidiary Beijing AGTech GOT Technology Co. Ltd, AGTech says a total of 4,100 Sports Lottery Terminals will be supplied to the five provinces / municipalities including Jilin Province; Jiangsu Province; Shandong Province; Anhui Province and Tianjin Municipality.

“AGTech, with its excellent product capability and professional services, has succeeded in winning several provincial/municipal Sports Lottery terminal tenders, maintaining its position as the largest supplier in the China Sports Lottery terminal market.” the company said in a filing.

Earlier this month, AGTech reported a narrowed loss after tax for 16H2, attributed to improvement in gross profit margin and decrease of selling and administration expenses.

In a filing to the Hong Kong Stock Exchange, the company reported its loss after tax decreased approximately 40 percent for the six months ended June 30 to HK$33.8 million, from HK$56.3 million in 2015.

“Such decrease was mainly attributable to the gain from changes in fair value of contingent consideration payables; improvement of the gross profit margin; and decrease of the selling and administrative expenses… partially offset by the increase of the share-based payments,” said the company.

Revenue for the period was down 24.2 percent to HK$76.6 million in 16H2, mainly due to reduced sales of lottery hardware products during the period.