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.
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