PAGCOR net income up 23% in Q1 – BusinessWorld Online
THE Philippine Amusement and Gaming Corp.’s (PAGCOR) net income rose by 23% year on year in the first quarter on the back of higher revenues from gaming operations.
“This solid performance reflects PAGCOR’s commitment to responsible governance and fiscal discipline. The gains we have made in the first quarter will allow us to contribute even more to nation-building for the rest of the year,” PAGCOR Chairman and Chief Executive Officer Alejandro H. Tengco said in a statement on Wednesday.
PAGCOR’s net income stood at P4.22 billion in the first three months of the year, up from P3.43 billion a year ago.
PAGCOR’s financial statement was unavailable as of press time.
Revenues grew by 11.2% to P28.07 billion from P25.24 billion. Of this, P25.52 billion came from gaming operations.
“More than half of gaming the revenues came from the Electronic Games and E-Bingo segment which generated P14.32 billion or 56% of the total, followed by licensed casinos at P8.32 billion or 32.6%, while PAGCOR-operated casinos chipped in P2.88 billion or 11.31% of the pie,” PAGCOR said.
Meanwhile, operating expenses fell by 15.54% year on year to P6.21 billion from P7.36 billion.
“PAGCOR’s total contributions to nation-building (CNB) during the period in review reached P18.9 billion, up 21.5% from the 2024 first quarter CNB of P15.56 billion,” it said. —Aaron Michael C. Sy