China lottery equipment and services supplier China Vanguard Group Ltd more than doubled its consolidated revenue in the six months to December 31, it said in a filing to the Hong Kong Stock Exchange on Thursday.
The group recorded unaudited consolidated revenue of HKD67.2 million (US$8.7 million), a rise of 108 percent compared to the HKD32.4 million recorded in the equivalent period in 2013.
The increase in revenue was “predominantly due to increase in revenue from the lottery-related business,” the firm said in its filing. It is listed on Hong Kong’s secondary equities market, known as the Growth Enterprise Market.
The company said it had “continued to make significant inroads in its core operation in lottery services to become a leading provider in the PRC [People's Republic of China], supplying lottery software, equipment, and value-added services in operating sales distribution channels to both of China’s sports and welfare lottery authorities, China’s two lottery regulating bodies, during the reporting period.”
In late September the business announced it had an agreement with the Guizhou Province Sports Lottery Administration Centre to provide interactive self-service equipment for lottery sales in the province.
The group added in its latest filing it continued to work toward building a “dominant distribution network” for lottery-related products and services, expanding its presence into 20 mainland provinces as of the date of the report.
The group recorded an unaudited profit attributable to the equity holders of HKD15.1 million in the second half last year – a turnaround against a net loss of HKD6.3 million in the second half of 2013.
In the final quarter of 2014, profit attributable to equity holders surged by HKD11 million to HKD11.6 million from HKD0.6 million in the prior-year quarter.
Selling and distribution costs and administrative expenses in the second half, 2014, amounted to HKD43.4 million, an increase of 34 percent as compared to HKD32.4 million a year-prior.
The board did not recommend the payment of any dividend for the six months ended December 31. That was consistent with the policy in the prior-year period.
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