‘Strong’ fourth quarter boosts 500.com’s full-year results

yz 8 bigChinese online sports lottery operator 500.com has cited a “strong” fourth quarter as a major factor in year-on-year revenue growth for the 12 months through to December 31, 2013.

The firm posted revenue of RMB96.1 million (€11.6 million/$15.9 million) during the 13 weeks through to December 31, 2013, a year-on-year increase of 135.5% on the previous year’s figure of RMB40.8 million.

Operating profit for the fourth quarter also grew to RMB33.9 million, a 91.5% rise on the previous year.

The 13-week period was also the first quarter that the firm traded as a public company.

As a result of the impressive quarter, 500.com was able to record similarly positive figures for the full year.

The company posted full-year revenue of RMB259.5 million, a year-on-year increase of 51.3% on the RMB171.5 million achieved in 2012.

In addition, operating profit for the full year also grew from RMD21.1 million in 2012 to RMB59.9 million in the last 12 months, an increase of 183.8%.

Man San Law, founder, chairman and chief executive officer of 500.com, said: “I am happy to announce strong quarterly results in our first quarter as a public company.

“Our business continued to pick up momentum as we set new records for total active users, active mobile users and total purchase amount during the quarter.

“Results like these demonstrate the enormous potential that our mobile services offer and are indicative of the direction we are headed.

“We are also eager to take advantage of any opportunities that arise to invest in our mobile strategy as we work to prepare for this summer’s Fifa World Cup and build upon the solid foundation we have created as China’s leading online sports lottery service.”

source : www.igamingbusiness.com

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