GGRAsia – China LotSynergy posts 35.2 pct growth in 1H profit

China LotSynergy posts 35.2 pct growth in 1H profit

Aug 20, 2014 Newsdesk Industry Talk, Latest News, Top of the deck

Hong Kong-listed China LotSynergy Holdings Ltd posted a net profit of HKD54.9 million (US$7.1 million) for the first half of 2014, up 35.2 percent over the same period last year. The lottery supplier recorded a turnover of approximately HKD460.5 million in the period, from HKD341.6 million a year earlier, it said in a filing on Tuesday.

China LotSynergy is engaged in the provision of technology and services for lottery systems, terminal equipment, gaming products and their operations in mainland China’s lottery market. The principal businesses range from video lottery (VLT), computer-generated ticket games and KENO-type lottery to new media lottery.

The company is the exclusive terminal equipment provider for China Welfare Lottery’s VLT business. It said VLT sales amounted to RMB17.6 billion (US$2.9 billion) in the first half of 2014, a growth of 28.5 percent year-on-year, surpassing the overall lottery industry’s growth of 19.2 percent year-on-year during the same period.

Lottery sales in mainland China reached RMB178.41 billion in the first six months of the year, show data released last month by the Ministry of Finance.

Earlier this month, China LotSynergy announced a new deal with the Shanghai Welfare Lottery Issuance Centre. It also said it had won the bid to supply Sports Lottery terminals for the Zhejiang Sports Lottery Administration Centre.

“The group is slated to maintain its development momentum in the second half of 2014, by fully utilising its partnership resources, promotion of further sales growth, and, based on the enhancement and development of its telephone lottery product…” China LotSynergy said in the statement.