Pacific Online more than doubles 2009 income

MANILA, Philippines - Pacific Online Systems Corp. more than doubled its net income last year to P263 million from P130 million in 2008 as lottery and instant scratch ticket sales shot through the roof.

In a statement issued yesterday, Pacific Online said consolidated revenues grew 20 percent to P962 million due primarily to huge jackpots, as more people tried their luck at lottery in the hope of becoming instant millionaires.

With lottery and scratch card ticket sales hitting all-time highs, the company is expected to perform even better this year amid an improving business climate, said Willy Ocier, chairman and president of Pacific Online.

“The company expects to surpass its financial performance in 2009 through the continuous rollout of terminals for all online PCSO products nationwide, introduction of new games, more intensified marketing and distribution of instant ticket sales and wider network of retail lotto outlets,” he said.

Given the company’s strong financial results, its board of directors approved the declaration of a cash dividend of P0.75 per share, broken down into three payouts of P0.25 each – May 6 for stockholders of record as of April 20, Aug. 16 for stockholders of record as of July 23, and Dec. 10 for stockholders of record as of Nov. 19, 2010.

Pacific Online, the exclusive lotto system provider in Visayas and Mindanao for the Philippine Charity Sweepstakes Office, announced last month it was preparing to implement SMS-based lotto and has earmarked P100 million for this venture.

By allowing betting on the lottery games through text, the PCSO and Pacific Online expect to widen the reach of its lottery games.