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500.Com swings to loss in Q1

500.com Ltd said its normalized net income for the first quarter amounted to a loss of 90 fen per share, compared with the S&P Capital IQ consensus estimate of 1.74 yuan per share.

The per-share result swung to a loss from the prior-year profit of 62 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 31.6 million yuan, compared with income of 22.2 million yuan in the year-earlier period.

The normalized profit margin fell to negative 32.0% from 24.7% in the year-earlier period.

Total revenue rose 10.1% year over year to 98.8 million yuan from 89.8 million yuan, and total operating expenses increased from the prior-year period to 152.3 million yuan from 58.1 million yuan.

Reported net income came to a loss of 52.7 million yuan, or a loss of 1.50 yuan per share, compared to income of 28.6 million yuan, or 80 fen per share, in the prior-year period.

As of May 19, US$1 was equivalent to 6.21 yuan.