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AGTECH LOSSES LOWER IN Q1 2012
Monday May 21, 2012 : AGTECH LOSSES LOWER IN Q1 2012
Revenues from Lucky Racing partnership with Ladbrokes declined almost 35 percent
Despite higher revenues across the group, Chinese gambling firm AGTech produced a mediocre financial performance in Q1-2012, posting the following numbers:
* Revenues up 117 percent to HK$42.3 million.
* Gross profit up 73.2 percent to HK$25.2 million
* Operating profit of HK$674, 000; an improvement compared with last year's Q1 loss of HK$2.4 million.
* A rather nebulous HK$10.4 million accounting entry on "amortization of other intangible assets" that resulted in a HK$11.8 million loss, still an improvement on the HK$13.2 million loss incurred in Q1 2011.
AGTech's future appears linked to developments that occurred last year, when the company entered into a partnership with UK online and land gambling group Ladbrokes on a virtual road racing project branded Lucky Racing, and the separate acquisition of lottery equipment supplier GOT and mobile provider Shenzhen Silvercreek.
After an encouraging start, things have not gone well on the Lucky Racing front, with Q1-2012 revenues down almost 35 percent on Q4-2012's RMB400 million for reasons that are not clear.
Management appears to be pinning its hopes on an expansion to other provinces in China beyond the present Hunan operation, but much will depend on the decisions of the Chinese government's bureaucrats going forward.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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