Pacific Online: 1H profit up 14% to P117 million

Pacific Online Systems Corp., the exclusive lotto system provider in Visayas and Mindanao, said Monday that its profit in the first half went up by over a tenth due to strong sales despite power outages. Pacific Online said its net income from January to June improved by 14 percent to P117 million from the same period last year. Revenues in the same period grew 13 percent to P474.4 million. Had there been no frequent power outages in Visayas and Mindanao, which dented sales of lottery products processed through electronic betting systems, the company said its first half performance would have fared better. "Pacific Online expects sales and revenue growth to recover for the rest of the year with improved power situation, continued roll-out of terminals, introduction of new games, wider network or retail lotto outlets and intensified marketing and distribution of the Philippine Charity Sweepstakes Office [PCSO]," President Willy Ocier said in a statement. Ocier earlier said the company's net income should grow at a faster rate to reach well above P300 million, or P263 million higher for the whole of 2009. The company, he said, plans to double the size of its budget for expansion activities to about P300 million. About half of this will go for the development of the firm's online gaming business, including a new service that will allow people to make lottery bets using their mobile phones. —JE/VS, GMANews.TV