Pagcor 1Q net income skyrockets as game rev jumps 35%
State-owned Philippine Amusement and Gaming Corp (Pagcor) reported net profit of approximately PHP624.7 million ($11.8 million) for the first three months of 2022. It compares to a net profit of approximately PHP 152.6 million for the prior year period. .
The body saw its revenue from gaming operations increase significantly during the period as many casinos in the Philippines returned to full operation after remaining closed or operating with limitations for a significant part of 2021, in as part of efforts to stem the spread of the Covid-19 pandemic in the country.
Pagcor’s total revenue from gaming operations for the first three months of 2022 increased 35.0% year-on-year to just over PHP11.29 billion from around PHP8.36 billion. PHP in the first quarter of 2021.
The gaming regulator said it paid a total of PHP6.73 billion in taxes and levies in the first quarter. Among other payments, Pagcor is required by law to transfer at least 50% of its gross revenue to this national government agency.
Pagcor’s total spending rose 53.9% year-on-year to nearly PHP5.07 billion in the first three months of 2022, according to a financial statement posted Friday on its website.