Ladbrokes’ AGT joint venture in China hit a rocky patch, with the virtual sports game ‘Lucky Racing’ generating CHY260m (£25.5m) in sales in the first quarter of 2012 - down 35% quarter-on-quarter.
The product has been rolled out in 1,700 lottery shops in the country’s Hunan province, more than 1,400 of which are fully operational.
Hong Kong Dollar ($) Q1 2011 Q1 2012
Revenues 19.5m 42.3m
Cost of Sales & Services 5.0m 17.2m
Gross Profit 14.5m 25.2m
Selling & Administrative Expenses 16.8m 25.3m
Profit/(Loss) from Business Operations (2.4m) 0.7m
Profit/(Loss) for the Period (14.7m) (11.0m)
Earnings/(Loss) Per Share (0.307) (0.360)