Pacific Online contract for PCSO ops in VisMin extended

Pacific Online Systems' contract to provide lottery equipment to the Philippine Charity Sweepstakes Office for the latter's Visayas and Mindanao operations has been extended. In a filing with the Philippine Stock Exchange Tuesday, Pacific Online said its contract was extended from April 1, 2013 to July 31, 2015. Under the new contract, said Pacific Online, it offered to reduce the lease rate of its online lottery equipment by 7.7 percent to 22 percent. The company said the offer was made to give the PCSO additional funds for the latter's charitable activities. "And to further boost the funds available for PCSO's charitable activities, the corporation likewise agreed to bear the costs of all paper consumables and equipment maintenance for the online lottery operations in the Visayas and Mindanao upon the effectivity of the extended lease period," the company said. On Monday, Pacific Online said its 2012 earnings 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 lotto sales." — BM, GMA News