Lottery Business Boosts China Vanguard’s Revenue
China Vanguard Group, a Hong Kong-listed company that provides lottery-related services to mainland Chinese markets, reported on Thursday that it posted net income attributable to shareholders of HK$3.5 million (US$451,317) in the three months ended September 30.
This is a significant improvement from a loss of HK$6.8 million in the same period last year.
China Vanguard’s Q3 2014 revenue was HK$19.9 million, up 63.2% year-over-year.
“The increase in sales is primarily attributable to the increase in sales in lottery-related businesses,” the company said in a filing.
Sales and distribution costs and administrative costs for the period rose 25% year-on-year to HK$20.2 million. The group posted an operating loss of HK$819,000, an improvement from HK$4.1 million a year earlier.
China Vanguard’s lottery business had been applied to 19 provinces and regions in mainland China as of Sept. 30, including three additional provincial contracts in Shanghai, Hebei and Guizhou, the company said.
Total lottery sales in mainland China reached 279.41 billion yuan ($45.6 billion) in the first nine months of the year, official data showed. 에볼루션 바카라사이트
During the third quarter, China Vanguard paid 17.5 million yuan to Trans Pacific Associates Ltd., which provides an interactive electronic marketing and administrative platform to lottery centers in mainland China. The company said, “We expect to further expand the group’s business by providing value-added services to the Chinese lottery industry.”
Last week, China Vanguard proposed a stock split plan to attract more investors and expand its shareholder base.