Pacific Online net profit rises to P493 M
The PACIFIC ONLINE SYSTEMS CORPORATION (POSC) group of companies reported a 23 percent growth in consolidated net income to P493 million in 2017 from the P400 million earned in the previous year.
In a disclosure to the Philippine Stock Exchange, POSC said its lottery equipment leasing business units for both lotto and keno were the main drivers of the company’s net income growth.
“Both business units combined delivered total net income of P429 million, comprising about 87 percent of total consolidated net income, or an increase of 30 percent over prior year’s net income,” the firm said.
As of the end of 2017, total lotto and keno terminals installed nationwide by POSC and its subsidiary Total Gaming and Technologies, Inc. (TGTI), reached 6,615 or a 7 percent increase over last year of 6,177.
These installations generated gross revenues of P1.8 billion in 2017, or a 16 percent growth over P1.6-billion gross revenues in 2016.
Total consolidated assets of POSC and its subsidiaries amounted to P2.6 billion, a 4.5 percent increase over last year’s assets of P2.4 billion. Total consolidated liabilities P613 million represents only 30 percent of the company’s total equity at P2.0 billion.
POSC has an equipment lease agreement (ELA) with Philippine Charity Sweepstakes Office (PCSO) for its lotto operations mainly in the Visayas and Mindanao regions, while TGTI has an ELA with PCSO for its keno operations nationwide.