In its latest statement of income and expenses, the Philippine Amusement and Gaming Corporation (PAGCOR) posted a net profit of PHP1.04 billion ($22.1 million) for the period ended March 2016, an 11 percent increase in its net income of P937.62 million for the same period in 2015.
The state corporation’s first-quarter profit settled 899 percent above the P104.11 million targeted for the period, exceeding targets by almost 10 times.
PAGCOR generated a total of P11.55 billion in revenues, a 13 percent increase compared with a year earlier.
Approximately 96 percent of total revenues came from gaming operations, a 32 percent increase from the P8.38 billion posted in the first quarter of 2015.
Total expenses were reduced by 14 percent year on year to P10.51 billion from P9.25 billion, while operating expenses totaled P3.37 billion, about 2 percent lower than last year’s P3.32 billion.
PAGCOR contributed P7.14 billion to the government, amounting to 68 percent of its total expenses during the period. Under Republic Act No. 7656, government-owned and -controlled corporations like PAGCOR are mandated to remit at least 50 percent of their income as dividends to the national government.