China lottery equipment and services supplier China Vanguard Group Ltd said it expects net profit for the nine months ended March 31, 2015 to increase about 200 percent from the year-prior period.
The company reported profit attributable to shareholders of HKD9.5 million (US$1.2 million) in the equivalent period in 2014. For the 2014 period, the group recorded revenue of HKD82.9 million.
“The significant growth in profit is mainly due to the substantial increase in revenue contributions from the group’s lottery business in the People’s Republic of China for the nine months ended March 31, 2015,” the firm told the Hong Kong Stock Exchange in a filing on Wednesday.
The company is listed on Hong Kong’s secondary equities market, known as the Growth Enterprise Market.
The group has been expanding its distribution network for lottery-related products and services, expanding its presence into at least 20 mainland provinces, according to previous filings.
China Vanguard has entered into a number of agreements with sports and welfare lottery centres in mainland China, which “begun to bring in revenue during the nine months ended March 31, 2015″.
“The significant increase in revenues is in-line with the management’s expectation as the group’s strategy to build a nation-wide business in providing lottery operation-related services is gradually taking effect,” the company said.
China Vanguard recorded a profit attributable to the equity holders of HKD15.1 million in the six months to December 31, the firm had said in February.
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