Stock investment losses pull down lotto firm’s bottomline
Lotto services provider Pacific Online Systems Corp., controlled by Bilyonaryo Willy Ocier incurred a net loss of P48.7 million last year, citing loss on sale of stock investments.
This was a reversal of the P359.5 million profit reported in 2014 which was boosted by a P112.9 million mark-to-market gain and P80.2 million gain on sale of marketable securities and investment stocks.
Pacific Online booked a P400 million loss on sale of stocks in 2015.
Revenue was flat at P1.72 billion, due largely to reclassification of distribution expenses to the gross revenues from instant ticket distribution effective April 2015 when the instant ticket operation was outsourced to Powerball Gaming and Entertainment Corp.
The company’s operating expenses slightly declined to P1.21 billion.
Pacific Online leases online computer terminals and software to the Philippine Charity Sweepstakes Office’s lottery operations in the Visayas Mindanao region.