500.com reports narrowed net loss in 16Q4

Wednesday 22nd of February 2017

NY-listed 500 .com successfully narrowed its net loss in 16Q4 to RMB 5.7 million (US$0.8 million), compared to RMB 109.7 million in the prior year period.

The online sports lottery service provider with operations in China, has been struggling with reduced income since the temporary suspension of online lottery sales which began February 2015.

Net revenues in the quarter rose to RMB 7.5 million, compared to RMB 0.7 million in 15Q4.

The revenues were “primarily generated from mobile gaming, and sports information and data services from Qufan as well as the Company's newly-launched mobile applications,” said the company in a filing.

Full year net revenue was RMB 10.9 million in 2016, down from RMB 99.6 million in the full year 2015. Net loss attributable to the company was RMB 199.6 million, compared with RMB 323.9 million for the full year 2015.

"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 results for the fourth quarter of 2016,” said CEO, Zhengming Pan, commenting on the results.