The Pinoy Business Chronicle

Business news and analysis. Covering financial news, economic issues, stock market data, local business, business policy and more.

Philippines Economy News

PAGCOR H1 net falls on high year-earlier base

pagcor h1 net falls on high year earlier base 816x445 - PAGCOR H1 net falls on high year-earlier base
PAGCOR 103118 - PAGCOR H1 net falls on high year-earlier base

THE Philippine Amusement and Gaming Corp. (PAGCOR) said net profit fell sharply in the first half, with growth coming off a high year-earlier base after a 2018 property sale.

PAGCOR said it booked a P3.08 billion net profit in the first six months, down 91.4% from a year earlier.

PAGCOR’s total income net of gaming taxes and contributions fell to P18.89 billion from P50.04 billion a year earlier.

PAGCOR’s “other income” was P862.69 million, down 97.42%.

The company said year-earlier net profit was boosted by the sale of a 16-hectare site in Entertainment City for P37.3 billion to Bloomberry Resorts Corp.

“Because of the sale of the property and the increase in revenue in our license fees and casino operations, we are exceeding our target,” PAGCOR President and Chief Operating Officer Alfredo C. Lim told reporters in August 2018.

Bloomberry is the owner and operator of Solaire Resort & Casino in Parañaque.

Income from other related services declined 16.6% to P657.22 million.

Income from gaming operations was P36.57 billion, up 9.3% from a year earlier. — Karl Angelo N. Vidal

Leave a Reply

Theme by Anders Norén