Higher lottery sales push up Pacific Online’s earnings
Pacific Online Systems Corp. said its net income grew 26 percent to P407.94 million in the nine months to September this year on higher lottery sales.
An affiliate of Sy-led leisure estate developer Belle Corp., Pacific Online is engaged in the development, design and management of online computer systems, terminals and software for the Philippine gaming industry.
Pacific Online chalked up a 21 percent growth in revenues to P1.68 billion as lotto sales increased due to higher jackpot prizes, additional lottery draws, and the aggressive rollout of Keno terminals.
Other income more than doubled to P54.7 million largely due to a P22.9 million increase in unrealized mark-to-market gain on marketable securities and the P7.5 million service income generated by Keno operations.
Total operating expenses including depreciation and amortization rose 23 percent to P1.16 billion as personnel costs, software and license fees increased.
Pacific Online leases equipment to state-run Philippine Charity Sweepstakes Office (PCSO) for its operations in Visayas and Mindanao.
The company, through subsidiary Loto Pacific Leisure Corp., owns Lucky Circle Corp., a company engaged in retail sales of PCSO products, principally operating at SM malls nationwide.