Tuesday, 20 April 2010

Pacific Online reports 15% rise in Q1 income to P78 million

Manila Bulletin

Pacific Online Systems Corporation reported a 15 percent growth in net income for the first quarter to the year to P78 million from P68 million in the same period in 2008.

The firm said in a disclosure to the Philippine Stock Exchange that higher earnings came on the back of sustained level of Philippine Charity Sweepstakes Office lotto and scratch ticket sales.

Pacific Online has been focusing on making PCSO’s product lines readily available in the market. However, the firm registered a one percent dip in consolidated revenues to P252.2 million from P254.9 million in the same period last year.

In February 2009, the firm recorded its highest monthly lotto sales due to the highest accumulated jackpot of 6/49 lotto game. Pacific Online noted that this once unprecedented experience has almost been achieved in the first quarter of 2010.

Pacific Online expects to surpass its financial performance in 2009 through the continuous roll-out of terminals for both Lotto and Keno on-line lottery, introduction of new games, more aggressive marketing and distribution of instant ticket sales, and wider network of retail lotto outlets.

In a separate disclosure, Pacific Online said it expects to get a boost in its revenues with the launching by the PCSO of the GrandLotto 6/55 last Sunday.

Pacific Online said the newest PCSO product is a single matrix on-line lottery game that was designed to replace the double matrix Powerlotto 5+1 game.

The GrandLotto 6/55 being a single matrix game (i.e., the player simply chooses 6 numbers out of the 1-55 matrix), is envisioned to attract more players with the minimum bet price of P20 per 6-digit combination and the minimum guaranteed jackpot prize of P30 million.

This game will be drawn thrice weekly on Mondays, Wednesdays and Saturdays.

Pacific Online said this new game is expected to contribute substantially to the sales of PCSO which could reach up to P60 million per draw after the first month of its launch.

“This will definitely redound to increased revenues for Pacific Online being the PCSO’s network and equipment supplier (for Visayas and Mindanao),” said Pacific Online chief financial officer Rhederick Inciong.

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