PHILIPPINES - Higher operating costs have rendered earnings relatively flat for online lottery system provider Pacific Online Systems Corporation. The firm is an exclusive strategic partner of the Philippine Charity Sweepstakes Office (PCSO) in the running of lottery games for the Visayas and Mindanao areas in the country.
Pacific Online disclosed a miniscule 1.1% increase in its net income for the third quarter of the year over the same period last year. It earned Php 86.93 million (US$ 1.98 million) from July to September this year compared to Php 85.98 (US$ 1.96) last year.
From January to September this year, the firm had a net income of Php 220.2 million (US$ 5.03 million), up by 8% over the same period last year when it netted Php 203 million (US$ 4.64 million). It also stated that total revenues from operating sources from January to September this year were up 18% from last year, reaching Php 803.7 million (US$ 18.5 million) versus 2009's Php 703.4 million (US$ 16.17 million).
Pacific Online acknowledged that the increase in income was a result of increased number of terminals deployed, improved distribution of scratch tickets, as well as "a wider network facilitated by the company's subsidiaries."
Alongside the increase in total revenues was an increase in operating expenses which the firm pegged at Php 587.9 million (US$ 13.5 million), up 20% from Php 488.3 million (US$ 11.22 million) over the same period last year.
Source: Manila Times
Date Posted: November 12, 2010
