Pacific Online Systems sees significant profit drop in the first 3 quarters

Philippine lottery firm Pacific Online Systems Corporation continued to see its consolidated revenue drop in the first three quarters of this year, causing its net income to plummet when compared to the same period of 2023.

According to its recently released results, the company recorded just PHP3.8 million ($64,250) in net income over the nine months, down from PHP228.2 million ($3.89 million) a year prior.
This came amongst a 17 percent annual contraction in revenue – of PHP388.4 million ($6.63 million) – ‘mainly due to the transition from the legacy system to the nationwide lottery system under its joint operation, PinoyLotto Technologies Corp’.
The group calculated a 33 percent increase in costs and expenses due to the transition to the new system – amounting to PHP360.5 million ($6.15 million) for the three quarters. In addition, higher depreciation expenses were also registered, up from PHP3.1 million to PHP114.5 million ($1.95 million).
These were attributed to the depreciation on new equipment deployed and higher costs for communications and repairs and maintenance ‘in line with the requirements of PCSO for the PLS’.
The group’s results were also impacted by the delisting of majority shareholder Premium Leisure Corp. this year. Its latest results indicate that it realized a loss of PHP3.8 million due to the loss associated with the change, as compared to a gain of PHP267.8 million ($4.57 million) in the same nine months of 2023.
However, its cash and cash equivalents rose by 68 percent yearly during the period – to PHP577.3 ($9.86 million) million, largely due to the sale of the PLC shares to Belle Corp – offset by payment of dividends to shareholders.
Regarding the group’s other assets, it saw a 56 percent drop in investment trading as of September 30^th, year-on-year, "mainly due to the sale of its Digiplus Interactive Corp" shares.
POSC in June received good news that it had been awarded a five-year, PHP4.08 billion ($69.81 million) contract with the Philippine Charity Sweepstakes Office (PCSO), being the sole bidder.
Under the contract, it operates the app, e-lotto, and digital versions of lottery games.

Equipment Revenue Latest news PCSO-Philippines Charity Sweepstakes Office Pacific Online Systems Corp PinoyLotto

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