Pacific Online earns 43% less in 6 months

MANILA, Philippines - Pacific Online Systems Corp., the online lottery system provider of the Philippine Charity Sweepstakes Office (PCSO), posted 47 percent lower income in the first semester at P150.1 million due to a non-recurring gain on the sale of available-for-sale (AFS) financial assets.

Total assets likewise dropped 12 percent to P2.1 billion in June the decrease in marketable securities, trade and other receivables, and current assets on account of inventory sales.

On the other hand, Pacific Online said total operating expenses, including depreciation and amortization, decreased P8.8 million to P591.2 million.

The company generated P857 million revenues which was in the first half of 2015 on the back of Keno sales which was six percent higher than in the same period last year.

Pacific Online provides operating and management systems for the gaming industry. It also provides technical and market expertise for the distribution of lottery products in the country, together with state-run PCSO.