500.com posts widened loss in 2018

China-lottery service provider 500.com on Thursday reported a widened net loss for the 2018 year period, totaling RMB453.9 million (US$66 million), compared to a loss of RMB332.4 million in 2017.

The company said the increased net loss was due in part to an impairment provision of RMB149.9 million provided for long-term investment during the fourth quarter of 2018.

Net revenues increased in the year, reaching RMB 126.1 million, compared with RMB 72.6 million in 2017.

500 .com CEO Zhengming Pan said the company has continued to engage in new and promising initiatives to increase its revenue base since suspending its online operations in 2015.

Last March, the company entered into a framework agreement with CSLA to develop physical channels to sell sports lottery tickets.

As of now, the Company has entered into framework agreements with Tianjin, Hunan and several other provinces and cities in China, assisted in developing physical sales channels of sports lottery tickets and started trial operations in Tianjin, Hunan, Hubei, Guangxi and several other provinces and cities in China.

“We will continue to look for opportunities to enhance value for our shareholders,” said Pan.