Wednesday April 29,2015 : ASIAN ONLINE LOTTERY FIRM'S REVENUES RISE
But 500.com warns that suspension of online sales is having an impact.
One of the major Chinese-facing online lottery sales company's, Hong Kong-based 500.com has posted it FY 2014 report, noting an increase in revenue, but warning that the Chinese government's suspension of online lottery sales will have an impact this year.
The company reported that yearly net revenue rose to RMB 579.7 (US$93.4 million) million in 2014, up from RMB 259.5 million in the comparable period in 2013.
Operating profit increased to RMB 149.5 million from RMB 59.9 million in 2013, and net income grew from RMB 106 million in FY 2013 to RMB 157 million in 2014.
However, the company cautioned, since April 500.com has been unable to generate online sales revenue due to the Chinese government's action in suspending online lottery sales until an investigation into unauthorised dealers and questionable practices has been completed.
"There is no clear indication how long the temporary suspension will last,” the report notes, observing with some pessimism:
“ We cannot assure you that our users’ purchasing activities for sports lottery products will return to previous levels and continue to grow at a comparable pace as compared to that of the period prior to the voluntary suspension.”