Payments company AGTech in further losses

AGTech, a Hong Kong-based electronic payments company in lotteries, mobile games and entertainment, has announced Q3 revenue of HK$114.3m (€14.7m), up from the HK$66.9m (€8.6m) of last year.

Nevertheless, the group had a loss of HK$43.9m (€5.6m) compared with a loss of HK$10m (€1.2m) in the same quarter of last year.

The company said that the uplift in revenue for the first nine months of the year was mainly derived from lottery hardware sales, provision of lottery distribution and ancillary services in mainland China and provision of electronic payment services in Macau.

The overall operating loss, said the directors, was down to several factors, including depreciation of the RMB against the HK$ and higher expenses.