• Pacific Online Q1 profit up 4% at P136M

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    Pacific Online Systems Corp., the online lottery system provider of Philippine Charity Sweepstakes Office (PCSO) in Visayas and Mindanao, reported a 4 percent increase in consolidated net operating income in the first quarter to P136 million from P131 million in the same period last year.

    It said in a statement higher Lotto and Keno sales in the first quarter grew 3 percent during the three-month period to P3.9 billion from P3.79 billion of the previous year.

    “Pacific Online expects sales and revenue growth to continue for the rest of the year as PCSO lottery games remain to be popular nationwide and as it adds new terminals this year,” Pacific Online said.

    It said that based on current sales, it expected total sales to soar to P16 billion for the full year of 2015.

    The company fell short of its P400-million net income target for 2014, which was set by Pacific Online Vice Chairman and President Willy Ocier last year amid the company’s move to expand lottery terminals in Visayas by 300 to 400.

    For full year 2014, the company’s net income did not reach the P400 million target, but still ended with a 13-percent growth in its profits to P366.5 million from P325.1 million in 2013.

    As of end-March, Pacific Online has 4,420 terminals selling various lottery games, operated by the PCSO.

    Incorporated in March 1993, Pacific Online is engaged in the business of online technology, computer systems and terminals to supply integrated gaming systems. Under PCSO lease agreement, the company is able to operate online lottery systems Lotto and Keno in the Visayas and Mindanao regions.

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