500.com reports narrowed loss in 16Q2

Online sports lottery service provider 500.com has reported a narrowed year-on-year loss in 16Q2, affected by the ongoing suspension of sports lottery sales services in China.

The operator reported a net loss of RMB 27.7 million ($4.2 million) for the second quarter, compared to a net loss of RMB81.4 million in the prior year.

Net revenues for 16Q2 was RMB1.2 million ($0.2 million), compared with nil in 15Q2.

“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 second quarter of 2016,” said Zhengming Pan, CEO of 500.com.

The company said it would not make an earnings forecast until it receives clear instruction on the resumption date of online sports lottery sales from the Ministry of Finance.