LotSynergy profits triple on VLT growth

China LotSynergy Holdings Ltd.’s second quarter net profit more than tripled to HK$52.5 million ($6.8 million) from HK$15.1 million in the April-June period last year. Revenue rose 24.2 percent to HK$170 million. Gross Chinese video lottery terminal revenues rose 34.6 percent in the first half of the year to 13.73 billion yuan ($2.23 billion), offsetting a decline in LotSynergy’s share of those revenues to 1.7 percent from 2 percent last year when maintenance services were taken out of its subsidiary’s national contract with the Welfare Lottery. VLTs remained China’s fastest growing form of lottery, LotSynergy said.

During the quarter, LotSynergy said it launched a new mobile lottery application with China Merchant Bank  and was authorized in June by the Shanghai Municipal Welfare Lottery Centre to develop a telephone lottery distribution system. A new mobile lottery application for Shanghai Pudong Development Bank customers is to launch this month.