MANILA, Philippines--Profits of former pager industry leader Easycall Communications Philippines Inc. fell two-thirds in 2009 from the year before due to lower income from its investment in a local business process outsourcing (BPO) giant.

In a disclosure, Easycall said it posted a net income of P1.9 million in 2009, 67 percent lower than the P5.69 million the company made in 2008.

?The decrease was primarily due to the [decline] in other income and ePerformax International?s [lower] net income for 2009 where Easycall owns 3.8-percent equity,? the company said in its disclosure.

About P1.27 million of Easycall?s profit came from its share in ePerformax?s income, or 76 percent lower than a year earlier.

Despite making less money, Easycall said its board approved a stock rights offering to raise P50 million to fund the expansion of its broadband Internet business.

Under the offer, the company plans to give existing shareholders the right to buy one common share for every three shares they hold.

?The corresponding use of the proceeds shall be for the expansion and enhancement of the company?s nationwide broadband wireless network and its other data communications services,? the company said.

This will be on top of the P46.57 million the company plans to raise through a private placement from local technology firm Global E-Business Solutions Inc. This will bring Global E-Business?s stake in Easycall up to 72 percent from the previous 60 percent.

The stock rights offer and the private placement, which is scheduled for this April, will bring the company?s paid-up capital to P200 million.

Easycall was originally organized as a telecommunications firm in 1989, pioneering the use of pagers in the country.