Total Gaming Technologies Inc, buys into parent firm Pacific Online- a Philippine lotto operator
A unit of Pacific Online Systems Corp (LOTO) has purchased shares worth PHP23.29 million in the parent firm itself. The purchase was made for investment purposes, according to Business Mirror.
Based on a regulatory filing on Monday, Total Gaming Technologies Inc (TGTI) acquired last week 1,544,700 common shares of Pacific Online at PHP15.08 apiece. The equities account for 0.55% of the parent firm's total outstanding shares, the report detailed.
Pacific Online generated around PHP1.25 billion during the first three quarters of 2013. This represents a 5% increase in its total revenues derived from operating sources. In 2012, the company earned PHP1.19 billion in the same period. The growth in the firm's earnings was attributed to the increase in deployed terminals for lotto and Keno businesses, the report explained.
However, Pacific Online's nine-month net income for 2013 dropped 8% from PHP278 million in 2012 to PHP255.8 million. This was because of the lower rent charged to the Philippine Charity Sweepstakes Office (PCSO) for its lotto operations, Business Mirror reported.