Lottery equipment and service provider Pacific Online Systems Corp. (LOTO) barely grew its profit during the first half of 2013, ending the first six months of the year with only an 8-percent growth in income.
In a disclosure to the Philippine Stock Exchange on Monday, Loto reported that it posted a net income of P205.9 million in the first six months of the year, 8-percent above the previous year’s P191.2 million.
Total revenues of the company grew by 13 percent to P834.6 million.
The modest growth in the first semester, according to the LOTO, was mainly from increases in terminals deployed for Lotto and Keno operations, which resulted in higher lottery sales.
The aggregate lottery sales of the Philippine Charity Sweepstakes Office (PCSO) handled by LOTO also hit P6.98 billion in first half of 2013. As of June 30, 2013, there were 4,399 terminals installed.
It was reported in May that LOTO is expecting to exceed its record lottery sales from P10.8 billion in 2012 to P13 billion this year.
Willy Ocier, LOTO chairman and president, earlier said that the company is looking to set another record sales in lottery, as well as a higher profit this year.
“Last year, Pacific Online did P10.8 billion in lottery sales and that’s without Keno. This year, we are projecting to hit P13 billion in lottery sales,” he said.
LOTO is also aiming to register a higher profit as it plans to roll out more than 500 terminals across Luzon and Mindanao.
LOTO, which is 35-percent owned by Belle, grew its net income to P404 million in 2012 compared to the P392 million in 2011.
Madelaine B. Miraflor