Pacific Online books 48% rise in income

MANILA, Philippines - Lottery equipment supplier Pacific Online Systems Corp.  grew its net income by 48 percent in the first nine months of the year, mainly driven by higher Keno sales.

The company’s net earnings amounted to P417.94 million from January to September from only P282.14 million in the same period last year.

Pacific Online chair and chief executive officer Willy N. Ocier attributed the growth to strong lottery sales across the board, cost efficiencies and gains in the stock market investments.

The company registered revenues of P1.3 billion during the nine-month period, up from the P1.27 billion recorded a year earlier.

Total operating expenses including depreciation and amortization rose eight percent to P997.3 million.

Other income, however, increased to P174 million due to the gain on sale of available for sale financial assets amounting to P50.9 million , gain on sale of marketable securities of P30.9 million and mark-to-market gain on marketable securities amounting to P80.8 million.