PAGCOR Q1 profit rises 7.6% on higher gains from gaming operations

PHILIPPINE Amusement and Gaming Corp. (PAGCOR) reported a 7.6% increase in net income of P1.42 billion in the first quarter, as gains from gaming operations grew by double-digits during the period.

PAGCOR also reported that its income as of end-March was more than double its target for the period.

The state- run company, which is under the Office of the President, recorded income from gaming operations of P15.80 billion, 12.5% higher than the level a year ago. It was higher by 4.7% over the target.

Net of taxes and contributions, gaming profit and other income reached P8.45 billion, up 9.3% from last year.

The growth in PAGCOR’s income from gaming operations outpaced the rise in its expenses at P7.03 billion, up 9.7% from the previous year.

During the first three months of 2018, the company paid a total of P789.92 million in franchise tax, which is equivalent to 5% of its gaming operations income. It also paid P7.49 billion to the government as its share at 50% of gaming profit. Both amounts were higher by around 12.5% over the level a year ago.

PAGCOR remitted a fixed amount of P15 million to the Dangerous Drugs Board as called for under Republic Act 9165 or the law instituting the comprehensive dangerous Drugs Act of 2002.

PAGCOR is mandated to regulate, operate, authorize and license games of chance, games of cards and games of numbers, particularly casino gaming in the Philippines. It generates revenues for the state’s sociocivic and national development programs while helping promote the tourism industry.

It operates casino branches as well “satellite” casinos all over the Philippines under the Casino Filipino name. —