500.com reports net loss of $12.7 million in 15Q3

500. com, a sports lottery service provider in China, reported a net loss of RMB80.7 million ($12.7 million) in 15Q3, compared with a net loss of RMB81.4 million for the same period last year.

Net revenues were nil, compared with nil for the second quarter of 2015.

Since March 2015, all provincial sports lottery administration centers to which the company provides sports lottery sales services have temporarily suspended accepting online purchase orders for lottery products in response to a government notice.

Operating expenses were RMB81.4 million, representing a decrease of 45.6 percent from RMB149.6 million during the third quarter of 2014,

Zhengming Pan, CEO of 500.com, said, “We voluntarily and temporarily suspended our online lottery sales operations in response to the promulgation of the Self-Inspection Notice. Such temporary and voluntary suspension materially and adversely impacted our financial and operational results for the third quarter of 2015.”

“To the best of the Company’s knowledge, the approval by the Ministry of Finance for the Company to provide online lottery sales services on behalf of the China Sports Lottery Administration Center is valid and has not been revoked or amended as of the date of this earnings release.”

 

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