Pacific Online Systems Corporation, the exclusive online lottery system provider of the Philippine Charity Sweepstakes Office (PCSO) in the Visayas and Mindanao, reported that its profits more than doubled to P263 million last year from the P130 million registered in 2008.

In a disclosure to the Philippine Stock Exchange, Pacific Online said the growth in consolidated profits came on the bank of record high PCSO lotto sales and instant scratch ticket sales.

Pacific Online said it focused on making PCSO’s product lines readily available in the market, driving consolidated revenues up 20 percent to P962 million from P805 million in 2008.

This year, the firm expects to surpass its financial performance in 2009 through the continuous roll-out of terminals for all on-line PCSO products nationwide, introduction of new games, more intensified marketing and distribution of instant scratch ticket sales, and wider network of retail lotto outlets.

In view of the unprecedented results of the previous year and the more encouraging and positive prospects this year, Pacific Online said its board of directors has approved the declaration of cash dividends of P0.75 per share.

The dividend will be in the form of a 25 centavo special cash dividend with a record date of April 20, 2010, a 25 centavo cash dividend with a record date of July 23, 2010, and another P25 centavo cash dividend with a record date of November 19, 2010.

Pacific Online said earlier that it booked P769 million in revenues from its lotto business in the Visayas and Mindanao (VisMin) alone in 2009, up 18.49 percent from the P649 million reported in 2008.