AGTech Holdings Limited (08279) issued a positive profit alert, net profit of not less than HK$33million is expected in 2023 first quarter

AGTech Holdings Limited (08279) issued a positive profit alert, net profit of not less than HK$33million is expected in 2023 first quarter

AGTech Holdings Limited (08279) (the”Group”) announced on April 25 that net profit of not less than HK $33million for the three months ended March 31, 2023 (the “2023Q1”) is expected, as compared with loss of approximately HK$10.8 million for the three months ended March 31, 2022 (the “2022Q1”).

The expected turnaround from loss to profit is mainly due to the following factors: (1) The Group's earnings in 2023Q1 increased by not less than HK $130 million mainly as a result of the consolidation of the financial results of Macau Pass Holding Limited and its subsidiaries, and increase of sales of lottery hardware compared to 2022Q1. (2) An operating profit of not less than HK $12 million in 2023Q1 is expected, compared with an operating loss of approximately HK$12.6 million in 2022Q1. (3) It is expected that the Group's net finance income will be increased to not less than HK$20 million in 2023Q1, mainly due to increase in average bank balances and market interest rates for 2023Q1, compared with net finance income of approximately HK$3.4 million in 2022Q1.