A massive amount of net loss has been incurred by DITO CME Holdings Corp. for the first half of 2022. It should be noted that this is even though the company’s revenue for the same period increased.
DITO described the losses as unrealized foreign exchange losses, rising costs, and interest expenses in its filing with the Philippine Stock Exchange.
For the first half of 2022, the company reported a net loss of ₱15.43 billion. It represents a 300% increase over last year’s ₱3.81 billion net loss.
Reports indicate that the company’s revenues grew 967% in the past year and now total ₱3.03 billion. The company also faced an increase in costs and expenses, with unrealized foreign exchange losses of ₱7.26 billion and interest expenses of ₱1.47 billion.
DITO CME Holdings Corporation generates the most income from DITO Telecom. As of June 2022, the company’s gross subscribers reached 9.64 million, an increase of 614% compared with last year.
“We continue to move forward and are very satisfied with our investment in DITO Telecommunity,” — said DITO CME President Eric R. Alberto
“The strong growth in DITO’s mobile subscribers in just a little over a year and a quarter from commercial launch is proof positive that there continues to be a segment of the market that prefers telco services that are no-nonsense, fast, and reliable,” the executive added.
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SMART Slams DITO for Alleged Fraud Calls
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