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Phillippines lotto 33 % growth this year
Third quarter performance the foundation for bullish outlook.The Phillipines publication Business World reports that Manila-listed online gambling firm Pacific Online Systems Corp. expects to grow by more than a third this year, following an impressive three-quarter performance.
Sales from January to September 2008 went up by more than a third from a year earlier as the company expanded its reach in the Visayas and Mindanao.
In a disclosure to the stock exchange, Pacific Online said it had posted P466.1 million in revenues for the nine month period mainly due to the successful rollout of terminals [that] now total 1 541."
This translated to P4.7 billion in lotto sales in the Visayas and Mindanao offices of the Philippine Charity Sweepstakes (PCSO), the company said. Pacific Online is the exclusive online lottery system provider of the PCSO in both regions.
"With the expected robust sales in the remaining months of the year, the company’s sales performance may either sustain this significant growth or surpass it," a spokesman predicted.
The company also reported growth in subsidiary Lucky Circle Corp., which owns and operates lotto outlets at SM malls nationwide.
Lucky Circle has 69 lotto outlets and continues to expand its reach, Pacific Online said.
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