PAGCOR earnings rise to P28 billion in Q1

MANILA, Philippines —  Earnings of state-run Philippine Amusement and Gaming Corp. (PAGCOR) rose by 11 percent to P28 billion in the first quarter on sustained performance of the gaming industry.

Data from PAGCOR showed that its revenues increased by 11.2 percent to P28.07 billion from January to March compared to last year’s P25.24 billion.

Its first quarter revenues are also 4.45-percent higher than the government target of   P26.88 billion.

Broken down, gaming operations and license fees remained the primary revenue sources, accounting for the bulk or 91 percent equivalent to P25.53 billion.

Other revenue streams including business income and service fees accounted for the remaining P2.5 billion.

On the other hand, PAGCOR’s expenses decreased by 15.5 percent to P6.22 billion as against the P7.36 billion last year. This is also lower than its target of P8.2 billion.

Most of the decline was due to maintenance and other operating expenses, which dropped by 23 percent to P2 billion, as well as personnel service, which went down by 20 percent to P3.39 billion.

As such, net income after deducting all contributions to nation building was at P4.22 billion, 23 percent higher than last year’s P3.43 billion.

PAGCOR is the third biggest contributor to the Bureau of the Treasury, next to the Bureau of Internal Revenue and the Bureau of Customs.