Net income of state-run Philippine Amusement and Gaming Corp. (PAGCOR) has grown at a slower pace in the first three months of 2018, government data showed.

Latest figures from PAGCOR indicated that the state regulator’s net income was at PHP1.42 billion (US$27.3 million) in the first quarter, 7.6 percent higher than the PHP1.32 billion (US$26.5 million) it recorded during same period in 2017.

However, PAGCOR’s net income growth for this year was slower than the 26.9 percent revenue climb last year. The state regulator didn’t provide an explanation behind this year’s slower net income and what fueled the income growth for the first quarter.

PAGCOR’s total revenue grew at a modest pace of 12.5 percent to PHP15.80 billion in the three months ending March 30, 2018, compared with the 26.7 percent growth or PHP14.04 billion in the first quarter of 2017.