Pacific Online consolidated net income up 7% in 2012

Lottery equipment supplier Pacific Online Systems Corp. on Monday reported a single-digit hike in its consolidated net income for 2012. In a statement submitted to the Philippine Stock Exchange, Pacific Online said its net income in 2012 rose 7 percent to P418.1 million from P392.1 million. Consolidated operating income improved to P562.7 million from P460.3 million as operating income increased 22 percent "on the back of record high PCSO [Philippine Charity Sweepstakes Office] lotto sales." "LOTO [Pacific Online's stock symbol] focused on making PCSO's product lines readily available in the market, driving consolidated revenues to P1.63 billion, 21-percent higher than  the P1.35 billion seen in 2011," the company said. Pacific Online is the PCSO's online lottery system provider. It is partly owned by Henry Sy's Belle Corp., which is building a $1-billion casino and hotel complex in the upcoming "Entertainment City" in the Manila Bay reclamation area. — BM, GMA News