China Vanguard Group recorded unaudited consolidated revenue of HK$17.3 million ($2.2 million) for the three months ended September 30, down 13 percent year-on-year compared with HK$19.9 million.
The group’s property operations did not make any revenue contributions during the quarter which caused the major decline in revenue, the company said.
“Revenue generated from lottery-related business remained relatively stable with healthy growth.” The group recorded a net loss attributable to the equity holders of HK$7.6 million against a profit of HK$3.5 million in 14Q3.
The company, which provides lottery services across 21 provinces in China, said it has continued to dedicate itself in strengthening its service offering to lottery centres in addition to providing supporting and value-added services rendered to customers.
Revenue from lottery-related services increased from HK$15.2 million in 14Q3 to HK$17.3 million in 15Q3.
“As gamification and interactive lottery content continue to shape the future of The PRC’s lottery industry, looking ahead, the Group will continue to dedicate itself to strengthening our service offerings, to expand our geographic presence as well as our portfolio of services offered to lottery centres in addition to providing support and value-added services rendered to customers.”
“Our strategy will focus on market penetration at a community-level as an innovative service platform as we prepare ourselves and pave way for the impending growth of the dynamic lottery industry in The PRC. The Management will continue to evaluate new business opportunities that will be complementary to the Group’s strategies and strengths within this dynamic and growing sector in the PRC.”
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