Philippines Lottery sales up 63 per cent on last year
MANILA – Philippines Lottery operator Pacific Online Systems Corp. posted a consolidated net income of P430 million in 2010, up 63 per cent year on year. The massive increase in income was mostly due to higher lotto and scratch card sales.
In a disclosure to the stock exchange, Pacific Online said its revenues rose 30 per cent to P1.25 billion last year from P962 million in 2009.
In a statement the company said that it expects “to surpass its financial performance in 2010 through the continuous roll-out of terminals for all PCSO lottery products nationwide, introduction of new games, intensified marketing and wider distribution of instant tickets and larger network of retail lottery outlets.”
Pacific Online is 28 per cent owned by Belle Corporation, which is currently developing a $1-billion entertainment complex along a reclaimed portion of Manila Bay.
The Philippines Lottery regularly distributes jackpots of hundreds of millions of Philippino Pesos.
Published: March 9, 2011