Pagcor earnings up 9.5% to P1.55 B in Q1 of 2019

Pagcor earnings up 9.5% to P1.55 B in Q1 of 2019

Another good news, figures coming from the 1st quarter of 2019 shows that the earnings of government-owned Philippine Amusement Gaming Corp. (PAGCOR) increased 9.5 percent to P1.55 billion in the first quarter of the year from P1.42 billion in the same period last year due to sustained increase in gaming revenues.

Earlier, the Bureau of Customs (BOC) also reported that it has exceeded its collection goal for April posting P53.33 billion, the April target was P51.604 billion.
In terms of the net income, from January to March of 2019, it was 24% higher than the projected earnings of P1.25 billion.

(photo credit to Flying Ketcgup)

PAGCOR said its earnings from gaming operations increased by 15.6 percent to P18.26 billion from P15.8 billion, while other income more than doubled to P685.12 million from P331.93 million.

In the other aspect, income from other services fell by 46.2 percent to P329.2 million from P611.69 million.
Operating expenses of PAGCOR increased by 15.7 percent to P8.14 billion in the first quarter of the year from P7.03 billion in the same quarter last year.
PAGCOR remitted P35.62 billion of the amount to the government in the form of gaming taxes and contributions. Of the amount, P32.17 billion went to the national treasury, while P60 million was given to the Dangerous Drugs Board.

PAGCOR, as a state corporation, is mandated to remit 50 percent of its gross income to the national government.

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Report from PhilStar

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