By Chino S. Leyco
The Philippine Amusement and Gaming Corp. (Pagcor) surpassed its revenue target in the first semester of the year due to “favorable market forces.”
Based on Pagcor’s statement of comprehensive income, the state-owned company generated P36.57 billion in gaming revenues in January to June this year, above by 9.6 percent against the P33.35-billion target for the period.
Year-on-year, Pagcor also saw its income from gaming rising by 9.3 percent in the first six-months from P33.44 billion.
Pagcor posted a P3.08-billion net profit in the first six months, higher by 23 percent against P2.5-billion target, but it was way below the P35.8 billion registered in the same period last year.
The significant decline in year-on-year net profit was due to Pagcor’s non-recurring revenue from the sale of a 16-hectare site in Entertainment City for P37.3 billion to Bloomberry Resorts Corp. last year.
Sough for comment, Andrea Domingo, Pagcor chair and chief executive said “favorable market forces and good marketing strategies” drove the company’s revenues in the first half of the year.
“Transparency of transactions and credibility” of the gaming firm also contributed to Pagcor’s improved financial performance, she added.
At end-June, Pagcor remitted P17.34 billion to the Bureau of the Treasury, representing the national government’s 50 percent from the gaming regulator’s gross revenues. The amount was high against the P15.81-billion goal.
Pagcor also paid P1.83 billion in franchise tax to the Bureau of Internal Revenue (BIR), which was also more than the P1.67-billion target.
The Dangerous Drugs Board, likewise, received P30 billion from Pagcor during the period.