The Philippine Amusement and Gaming Corp.’s (PAGCOR) net income in 2019 exceeded the target by 271.3 percent as revenues inched up while total expenses fell below program.
According to the agency’s statement of comprehensive income posted on its website, its profit stood at P9.01 billion, P6.59 billion higher than the P2.43 billion goal.
The net income however fell by 71.37 percent from its year ago level of P31.49 billion due to a one-time gain in June 2018 with the sale of its land in Entertainment City to Bloomberry Resorts Corp.
“If the non-regular income in 2018 amounting to P32.72 billion will be excluded, PAGCOR posted a growth of 11.22 percent in 2019,” the state-run gaming firm said.
Total income net of gaming taxes and contributions stood at P39.65 billion, 2.32 percent higher versus the target of P38.75 billion, while it fell 42.12 percent from last year’s P68.5 billion.
Income from gaming operations alone amounted to P75.76 billion, exceeding the P74.42 billion goal by 1.8 percent, and also posting a double-digit growth of 11.65 percent versus the P67.85 billion posted in 2018.
Meanwhile, total expenses amounted to P30.48 billion, 16 percent below the program of P36.29 billion.
It also fell below last year’s level of P36.86 billion by 17.31 percent.
PAGCOR had less operating expenses for 2019 as financial expenses, personal services, and maintenance and other operating expenses for the period fell below program by 89.97 percent, 30.71 percent, and 19.39 percent, respectively.
Subsidies to local government units likewise fell 92.64 percent versus target, as well as subsidies to non-government organizations and people’s organizations by 89.73 percent, and to national government agencies by 6.18 percent.
