The company doubled its revenues to a total of P266.9 million in 2007 from P132.9 million the previous year based on its audited financial statements, which have just been released.

It said its revenue growth was fuelled by overwhelmingly positive results from core gaming operations, especially in the expansion of its network of PAGCOR e-Games Cafés, plus positive results in sports betting and mobile gaming operations.

Its operating income increased five-fold or by almost P100 million, from P23.1 million in 2006 to P121.2 million in 2007.

PhilWeb President Dennis O. Valdes said that the key revenue driver was the strength of network of PAGCOR e-Games Cafés, which continues to expand around the country. "At the end of 2007 we had a total of 76 cafés, meaning we opened 32 in 2007. As of today, we have already opened another 15 cafés, bringing the network up to 91 cafés," said Valdes. "With our strong liquidity position, which exceeds P500 million as of today, we are well positioned for an even more aggressive expansion of our gaming network for 2008."

"We fully expect the strong results of 2007 to be continued in 2008," said Valdes. "In March, for instance, we set a record of P3.5 billion in Gross Bets, reflecting a 70 percent growth rate. Then on April 25, we set another record, with P4.7 million in Casino Win for that day alone. In comparison, the average Casino Win was P2.2 million per day in 2007."

In addition to its strong business results, PhilWeb also reported strong gains on its investment in ISM Communications Corporation, which in turn now owns 77.7 percent of Eastern Telecommunications Philippines, Inc. (ETPI). The company’s equity in the net earnings of ISM was P102 million for 2007, a 36 percent increase from previous year.