DITO CME losses ballooned to P41B in 2024
DITO CME Holdings Corp. widened its net losses last year because the foreign currency exchange losses and higher interest expenses dragged the strong revenue growth.
In a disclosure on Friday, the company founded by Davao-based businessman Dennis Uy reported that net losses grew to P41.01 billion last year from P19.6 billion in 2023.
Total revenues grew by 45 percent to P16.35 billion for the period.
Data revenues contributed the bulk of the top line. The former grew by 54 percent to P12.4 billion from P8.07 billion.
However, the company incurred foreign exchange loss of P8.29 billion. This was a reversal from the P5.02-billion gain in 2023, as the Philippine peso weakened against the greenback.
Meanwhile, interest expense nearly doubled to P18.58 billion. This was mainly due to amortization of lease liabilities, interest-bearing loans and advances.
The Philippines’ third telco player currently has 13.67 million subscribers.
