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China Vanguard net profit up 28 percent in fiscal year

China lottery supplier China Vanguard Group reported a net profit of HKD19.1 million ($2.5 million) for the financial year ended June 30, up 28 percent year-on-year. 

The company, which recorded a 29 percent increase in revenue HKD123.7 million, says it has continued to expand its foothold in China’s lottery market by adding more new contracts for lottery operations. 

“These additional contracts have allowed us to expand our reach into 21 municipals and provinces in total. These provinces and municipalities which we serve boasts an aggregate population of close to 900 million which translates into direct access to over 65% of the PRC’s total population.” the company said in a stock exchange filing, adding that lottery operations were the biggest contributor to the year’s profit. 

The group’s operating costs comprising selling and distribution costs and administrative expenses, increased by 38 percent to HK$95 million in 2015.

Mainland China’s lottery sales rose RMB187.68 billion in the first half of 2015an increase of 5.2 percent year-on-year, according to official data.

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