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Manila Bulletin devider Business devider Pacific Online is profitable again

Pacific Online is profitable again

Published Aug 22, 2022 02:18 pm

Gaming firm Pacific Online Systems Corporation registered a turnaround with a consolidated net income of P48.8 million for the first six months of 2022, a P93.5 209 percent improvement from the net loss of P44.7 million in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said total revenues grew seven percent to P218.9 million for the first half of the year from P205.4 million in the same period of 2021.

Revenue growth was driven largely by the higher Lotto sales which increased by P27.8 million (15 percent) as a result of the loosening of restrictions as the economy gradually recovers from the effects of the COVID-19 pandemic in the second quarter of the year.

KENO revenues, on the other hand, declined by P14.3 million (69 percent) due to the cessation of KENO operations effective April 1, 2022.

Cost and expenses Costs and expenses decreased by P86.2 million (33 percent) to P176.6 million for the first six months of 2022 from P262.8 million for the same period in 2021.

This is mainly due to lower variable costs such as software license fees and operating supplies because of the termination of KENO operations effective second quarter of 2022.

It is also due to the continuing effect of the cost efficiency measures implemented both at the operations and back office levels which aimed to rationalize manpower, telecommunications, rental and utilities expenses.

In addition to this, fully utilized property and equipment allowed the Group to report lower depreciation expense in 2022.

Other income (net of other charges) increased by P11.0 million (87 percent) to P23.7 million as of June 30, 2022 compared to P12.7 million for the period ended June 30, 2021.

The improvement in other income is because of higher dividend income and lower to mark-to-market loss on its marketable securities in 2022 and a one-off gain on sale on property and equipment in 2022.

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