Pacific Online targets 25-pct revenue growth in 2008

ABS-CBN News

Posted at Jun 26 2008 07:16 PM | Updated as of Jun 27 2008 03:16 AM

Pacific Online Systems Corp., the government's exclusive online lottery equipment provider in Visayas and Mindanao, expects revenues to grow 25 percent this year to at least P600 million from P479 million in 2007.

Pacific Online chairman Willy Ocier said the P600 million will come from the company's 10 percent share from expected lottery sales of P6 billion in Visayas and Mindanao this year.

The year-end target, however, may easily be exceeded since lottery ticket sales in January to May already amounted to P2.69 billion or a P269 million share for Pacific Online, according to its senior vice president for corporate affairs and marketing Clodoveo Nacorda.

Chief financial officer Rhederick Inciong added that the interim figure is a 51-percent growth over the P1.78 billion lottery sales registered by the Philippine Charity Sweepstakes Office in Visayas and Mindanao.

It was also based on rental earnings from lottery terminals alone and does not include sales generated from new products such as instant or scratch lottery tickets and direct lottery sales by wholly-owned subsidiary Lucky Circle Corp., which owns lottery outlets in SM shopping malls in the country.

Earlier, Ocier said Pacific Online would roll out 350 new lotto terminals this year and add 56 new outlets for Lucky Circle. It has allotted about P75 million for capital expenditures.