Pagcor end-September profit up 5% to P2.32B

Screengrab from https://www.pagcor.ph/index.php

State-run Philippine Amusement and Gaming Corp. (Pagcor) posted a slight increase in profit during the first nine months of 2014.

Pagcor data showed that its net income went up 4.63 percent to P2.32 billion during the January to September period. Also, the end-September figure was 0.9-percent higher than the nine-month goal.

According to Pagcor, it rationalized its operating expenses this year, with expenses reaching only P11.036 billion as of September as against the budget of P12.187 billion for the first nine months.

Year-on-year, the end-September expenses were also P1.15 billion lower than the P12.187 billion spent between January and September 2013.

Pagcor’s remittances to the national government during the first nine months rose by 2.12 percent to P16.74 billion from P16.395 billion last year.

The largest recipient of Pagcor remittances from January to September was the National Treasury, which received P10.591 billion, 5.53 percent more than the P10.04 billion it got during the same nine-month period in 2013.

Also, Pagcor reported that it remitted to the government P4.09 billion in cash dividends this year.

Pagcor chair Cristino L. Naguiat Jr. told reporters last week that Pagcor’s gross gaming revenues would “continue to increase” this year as Pagcor-run casinos attract gamers from the mass market as well as high rollers, without disclosing figures.

As business has been booming, Pagcor targets to collect P8.1 billion in license fees this year, Naguiat said.