Manila, April 30 -- State-run Philippine Amusement and Gaming Corporation (PAGCOR) on Wednesday reported a PHP4.2-billion net income in the first quarter of the year, as revenues continued to grow while lower operating expenses declined.

In a statement, PAGCOR said the net income during the period was 23 percent higher than the PHP3.43 billion in the first quarter of 2024.

PAGCOR chairman and chief executive officer Alejandro Tengco attributed the strong performance to improved operational efficiency and strategic reforms within the agency.

"This solid performance reflects PAGCOR's commitment to responsible governance and fiscal discipline," he said.

"The gains we have made in the first quarter will allow us to contribute even more to...