Pacific Online swung to a net income of P127.4 million in the nine months to September from a loss of P91.1 million, buoyed by mark to market gains.
In a financial report submitted to securities regulators, bilyonaryo Willy Ocier-led LOTO said revenues revenues grew by P55.8 million to P358.11 million, driven by higher lotto sales as a result of the opening up of the economy as restrictions loosened and the high jackpot prizes.
KENO-related revenues, however, declined by 77 percent due to the cessation of KENO operations effective April 1.
Cost and expenses fell by 36 percent to P251 million largely due to lower Keno-related variable costs such as software license fees and operating supplies because of the termination of KENO operations effective second quarter and the continuing effect of the cost efficiency measures implemented both at the operations and back office levels.
Due to the combination of higher revenues and efficiently controlled costs and expenses, LOTO swung to an operating income of P107.2 million from an operating loss of P92.3 million.
Other income went up by P35.9 million due to higher dividend income, recognition of net mark-to-market gain on its marketable securities and a one-off gain on sale of property and equipment.