Revenues up but losses widen at AGTech

Investors in Chinese lottery services and games provider AGTech will have mixed feelings on its latest results, which showcase significant increases in revenues but widening losses due to share-based compensation costs and other expenses.

Nevertheless, Management remains confident that the outlook is positive for the company, according to a company statement Wednesday.

Third quarter revenues soared to $53.13 million (Q3-2013: $22.37 million) but losses widened to $48.3 million from $22.2 million a year ago.

The company is optimistic, reporting that its partners at China’s Sports Lottery have completed the “next generation” national high frequency game platform to carry its Lucky Racing game, which will be supplied to a wider range of Chinese provinces in the coming months.

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