Pacific Online (LOTO), a lottery equipment provider led by bilyonaryo Willly Ocier, reduced its net loss by 63 percent to P140.7 million last year on the back of higher revenues and tight rein on costs.
LOTO saw revenues jump by P127.8 million to P426.3 million as people turned to lottery tickets for a little bit of luck to help them through the pandemic and as more lottery agents reopened following the easing of restrictions.
Cost of services declined by 26 percent o P378.6 million, largely due to lower deprecation expense as well as cost efficiency measures to rationalize manpower, telecommunication lines and operating supplies.
The decrease was partially offset by higher software license fees paid to suppliers that increased due to higher sales as well as higher rental and utilities expense as onsite work became more regular.
“As the effects of the COVID-19 pandemic continues to be felt especially in the gaming and entertainment industry, the company is focused on streamlining operations to curtail costs, finding ways to improve profitability and cost efficiency and increasing synergies within the companies in the group,” LOTO said in a regulatory filing.
Last September, the PCSO awarded a P5.8 billion lottery contract to a joint venture led by LOTO and the Berjaya Group’s Philippine Gaming Management Corp.
The group will provide a new national lottery system for the next five years.
LOTO said it remains open to various opportunities for growth through profitable investments that will increase the company’s shareholder value for partners and investors alike.
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