Pagcor Fails To Meet First Half Profit Target Due To Lower Revenue

Casino regulator and client operator Pagcor Philippine Play Games Co (PAGCOR) failed to meet its net profit target for the first six months of 2014 due to lower sales.

Philippine state-owned company Philippine State Corporation officially reported total revenue of $19.96 billion ($455 million) in the first half of 2014, compared with $210.6 billion a year earlier.

Pagcor's net profit for the first half of 2014 also fell 5.9% to 1.32 billion PHP compared to 1.4 billion PHP in the same period last year. Pagcor beat its net profit target by 14.08%.

Costs in the six months to June 30 actually fell more than 20% year-over-year to 8.1 billion PHP.  슬롯사이트 순위

The company posted revenue from gaming operations of $14.99 billion in the first six months, down 6.1% from a target of $15.86 billion for PHP, but up 1.1% from a year earlier.

Pagcor earned revenue from other related services and sources, such as regulatory fees from licensed casinos and revenue shares from other gaming activities such as commercial bingo and poker, to PHP 5.07 billion, down from PHP 6.33 billion a year earlier.

In the first half of 2014, Pagcor transferred 10.5 billion PHPs to the treasury, compared to 9.1 billion PHPs in the same period last year. That includes 7 billion PHPs directly transferred to the Treasury. Pagcor is required by law to forfeit at least 50% of its annual gross revenue to the government's Treasury.

The Philippine government earlier this month said it expected Pagcor to remit 14 billion PHP in 2015, less than its 2014 annual target. This comes despite the planned opening of Casino Resort City of Dreams Manila in the capital, Entertainment City, later this year.