THE PHILIPPINE Amusement and Gaming Corp. (PAGCOR) booked a higher net income in the first quarter as earnings from gaming operations increased despite higher expenses, its income statement showed.
PAGCOR’s net income rose 9.51% to P1.55 billion in the first three months from P1.42 billion in the same quarter of the previous year and well above its P1.25-billion goal.
Total income from gaming operations went up 15.62% year on year to P18.27 billion in the period from P15.8 billion the previous year. This is also 10.11% higher than the P16.29-billion target for the quarter.
Net of gaming taxes and contributions which rose 15.62% year on year to P9.59 billion, PAGCOR’s total gaming income for the quarter was at P8.68 billion, higher than the previous year’s P7.88 billion.
Meanwhile, total income net of gaming taxes and contributions, which includes earnings from other sources and related services, reached P9.69 billion during the first three months of the year, higher by 14.71% from the P8.45 billion booked in the comparable period in 2018.
The increase in PAGCOR’s net income in the first quarter came despite higher expenses. Total expenses for the period amounted to P8.14 billion, climbing 15.76% from the P7.03 billion booked in the same quarter last year, its income statement showed. — RJNI
