Lotto operator Pacific Online Systems Corp. posted a net income of P493 million in 2017, up 23 percent from P400 million in 2016.
POSC said in a disclosure to the stock exchange the growth in net income was driven by the lottery equipment leasing business units for both lotto and keno.
The two business units combined delivered a total net income of P429 million, comprising about 87 percent of the total consolidated net income, or an increase of 30 percent over the prior year’s net profit.
Total lotto and keno terminals installed nationwide by POSC and its subsidiary Total Gaming and Technologies Inc. reached 6,615 at the end of 2017, up seven percent from 6,177 in 2016.
The installations generated gross revenues of P1.8 billion in 2017, or a 16-percent growth over the 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 of P613 million accounted just 30 percent of the company’s total equity at P2 billion.
POSC has an equipment lease agreement with Philippine Charity Sweepstakes Office for its lotto operations, mainly in the Visayas and Mindanao regions, while TGTI has an ELA with PCSO for its keno operations nationwide.
PSCO is a unit of Belle Corp., which in turn is the real estate and gaming unit the family family of retail tycoon Henry Sy.