China Vanguard back in black
Hong Kong-listed China Vanguard Group Ltd, a company providing lottery-related services to the mainland China market, announced on Thursday it posted a net profit of HKD14.9 million (US$1.9 million) for the fiscal year ended June 30.
That was a significant improvement compared to a loss of HKD41.6 million a year earlier.
The group’s operating revenue for the 12 months to June 30 increased by 145 percent, to HKD95.8 million, the company said in a filing.
About 86 percent of China Vanguard’s revenue was derived from the lottery-related services business, which increased to HKD82.0 million, up by 110 percent compared to a year earlier.
The growth in lottery-related revenue was partially connected with the company’s engagement in new segments beyond traditional lottery, namely the offering of interactive self-service lottery solutions, China Vanguard said.
China Vanguard on August 31 announced a strategic cooperative agreement with Guangzhou YBDS I.T. Co Ltd, a subsidiary of Yunbo Digital Synergy Group Ltd. The deal will allow China Vanguard’s lottery distribution points to be equipped with Yunbo’s non-cash online and offline payment system.
Mainland China’s lottery sales reached RMB247.2 billion (US$40.3 billion) in the first eight months of 2014, up 24.4 percent year-on-year, official data show.
Latest News
Sign up to our FREE Newsletter
(Click here for more)
Most Popular
Macau logs 3.2mln visitors in Aug, only 4pct from… September 20, 2023 
Golden Week Macau GGR to be 17pct up on rest of Oct: MS September 21, 2023 
No swift resumption of dividends for most Macau ops: GS September 19, 2023 
LT Game readies new LMG product as Macau recovers: Chun September 20, 2023