Willy Ocier-led LOTO continues winning streak with a solid second quarter

Online lottery equipment provider Pacific Online Systems Corp. sustained its positive momentum, reporting a P37.6 million net income in the second quarter on higher lotto sales.

The profit recorded from April to June reverses the P31.8 million loss LOTO incurred in the same period last year.

Second quarter revenues rose seven percent to P218.9 million, driven largely by higher lotto sales which increased by 15 percent as the country continued to loosen restrictions.

Keno revenues declined by 69 percent due to the cessation of operations effective April 1.

Cost and expenses decreased by 33 percent to P176.6 million, mainly due to lower variable costs such as software license fees and operating supplies because of the termination of KENO operations effective second quarter, the continuing effect of the cost efficiency measures implemented both at the operations and back office levels which aimed to rationalize manpower, telecommunications.

Given higher revenues and efficiently controlled costs and expenses, LOTO realized P42.3 million in operating income or an increase of 174 percent year on year.

Other income soared 87 percent to P23.7 million due to higher dividend income and lower to mart-market loss on its marketable securities in 2022 and one-off gain on sale of property and equipment.

LOTO is a subsidiary of leisure and gaming firm Belle Corp., which is controlled by the Sy family.

Profit of Yap-led CEU clobbered by pandemic restrictions

Centro Escolar University (CEU), controlled by he heirs of the late Don Emilio Yap, saw a 23 percent decline in net income during its fiscal year ending May this year to P119.05 million due to the deferral of revenues and recognition of contract liabilities.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.

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