HCMC lottery firm posts double-digit increase in H1 profit

By Hoang Nam   August 16, 2019 | 02:39 pm GMT+7
HCMC lottery firm posts double-digit increase in H1 profit
A man selling lottery tickets at a local market in Vietnam. Photo by Shutterstock/Vivanvu.

The HCMC Lottery Company Ltd. made VND750 billion ($32 million) in pretax profits in the first half of 2019, up 27.55 percent year-on-year.

During the period, the state-owned company (HCMC Lottery) saw revenues increase by 14 percent to VND4.37 trillion ($187 million). 97 percent of its revenue came from lottery ticket sales, and the rest from the company’s printing and office leasing operations.

The company has improved its business results partly by increasing the frequency of lottery drawings in the first six months of this year. It rewarded early VND2 trillion ($85.64 million) to customers between January and June, an increase of over VND210 billion ($9 million) compared to the same period last year.

The lottery company said it aims to raise pretax profits by nearly 2 percent this year to VND1.12 trillion ($48 million).

However, it said the lottery market is becoming increasingly fragmented as lottery companies in the industry are releasing many new types of games, greatly affecting the company’s revenue.

The traditional lottery in Vietnam offers a top prize of VND2 billion ($85,640), which was raised by 33 percent at the beginning of last year in a bid to make it more attractive.

 
 
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