In September of this year, DITO CME Holdings Corporation’s net losses ballooned to P14.21 billion due to increasing costs and foreign currency exchange losses.
The subsidiary of Udenna Corp., which is run by Dennis Uy, disclosed on Monday that its most recent financial loss was 167 percent more than the P5.32 billion it experienced in the same nine-month period last year.
For only the third quarter, net losses increased by 80 percent to $5.90 billion.
From January to September of this year, consolidated sales increased by more than fivefold to P5.04 billion, from P1.08 billion in the same period of the previous year. This increase was led by DITO Telecommunity.
“The group obtains the majority of its revenue from the transfer of goods and services over time and at a certain moment by offering prepaid mobile services such as SMS (short messaging service), phone, data, and internet to users,” the listed business explained. However, this was insufficient to bolster earnings.
Its costs and expenses were P14.93 billion at the end of September, up 88 percent from P7.95 billion a year earlier. During the time, foreign exchange losses increased by 519 percent to P13.25 billion.
As of September’s conclusion, the third largest telecoms provider has 13,1 million users.
In September, DITO Telecommunity completed and passed its third required performance evaluation.
For its third year, the audit done by RG Manabat & Co. found that DITO had exceeded its coverage obligation of 70.01 percent of the population and minimum average speed of 55 Mbps (megabits per second).
DITO reported a population coverage of 72.39 percent and provided minimum average speeds of 71.77 Mbps for 4G and 801.19 Mbps for 5G.
The chief technology officer of DITO, Rodolfo Santiago, previously stated that the company was already in discussions with possible satellite service providers to increase their service coverage.
In addition, DITO was considering the construction of 7,000 to 7,500 towers to reach 80 percent population coverage by the middle of 2023.