Representatives of China Vanguard Group Ltd announced that in the period May – December, the company has doubled the consolidated revenue. China Vanguard officials have been relentlessly working towards company’s development and popularization by delivering services of excellent quality.
During the second half of the previous year, company’s consolidated revenue rose by 108% compared to the numbers reported for the same period a year ago. To be more precise, the consolidated revenue in the second half of 2013 was HKD32.4 million and a year later it reached HKD67.2 million or US$8.7 million.
In a special filing released by company’s officials, they stated that they attribute the impressive increase to the lottery products that are gaining more and more popularity on the Asian market.
Company representatives also said that their efforts towards making the company a competitive and thriving one apparently paid off. Their top priority was consolidating its positions on the Chinese gambling market and making it a widely recognized provider of lottery products and software.
Last but not least, the company executives announced that they are absolutely prepared to make China Vanguard a major distributor of products for sport-related lottery activities as well.
Back in September 2014, the company revealed details about its partnership with the Sports Lottery Administration Centre of the Guizhou Province and China Vanguard Group Ltd became the official provider of self-service equipment for lottery facilities based in the province.
At the beginning of January, another important cooperative agreement was inked between China Vanguard and Sports Lottery Administration Centre of Shaanxi Province.
In one of the filings, which has been released recently, the company announced that it will do its best to establish a “dominant distribution network” and make its services available in more than 20 provinces.
The unaudited profit of the group for the second half of 2014, given to the equity holders, amounted HKD15.1 million. In comparison, the net loss during the same period in 2013 totaled HKD6.3 million.
During the last quarter of 2014, the attributable profit given to equity holders increased by HKD11 million to reach HKD11.6 million.
As for the expenses related to selling, distribution and administrative matters, they amounted HKD43.4 million, which means that, compared to last year’s results, an increase of 34% was reported.
According to data, released at the beginning of the year, lottery products and services seem to be a profitable niche. During the period January – November 2014, the revenues, generated through lottery sales reached US$55.6 billion.
