DITO CME reports a net loss of P2.8 billion from January to September

DITO CME Holdings Corp (DITO CME) lost P2.808 billion after integrating the financials of DITO Telecommunity Corp (DITO Tel) into its third-quarter report, as operating expenses rose in the wake of its telecom business’ statewide deployment.

For the first nine months of the year, DITO CME had a profit of P287 million on revenues of P327 million.

However, as a result of the combination of DITO Tel and DITO CME, the holding company’s operational expenses increased to P1.746 billion, resulting in an operating loss of P1.459 billion.

DITO CME lost P2.808 billion, including additional charges of P1.340 billion.

The rise in operational expenses was mostly due to costs associated with the roll-out of DITO Tel in order to meet its license obligations.

“DITO Tel is in it for the long haul,” DITO CME President Eric Alberto said.

“We’ve always said that developing a telecom from the ground up would be expensive, but the milestones we’ve achieved in just nine months of operation is encouraging to say the least,” he said.

DITO Tel received a Certificate of Public Convenience and Necessity (CPCN) from the National Telecommunications Commission (NTC) in July 2019.

The telco then passed two technical audits in January and July 2021, resulting in a 25-year franchise that runs until 2048.

DITO Tel began commercial operations in March of this year, and since then, it has expanded to include over 340 cities and municipalities.

The third telco constructed nearly 3,300 towers and deployed 4,000 more, all of which are expected to be operational within the next year.

DITO Tel has garnered four million customers since March.

“Gaining over four million customers in just over nine months from commercial launch is proof that there is a substantial part of the market willing to switch to a different mobile service,” Alberto said.

“DCME is focusing all of its resources on expanding the rollout of its brand-new network and sophisticated IT platform in order to better serve clients,” he added.

DITO CME Chief Operating Officer Donald Lim stated, “DITO CME is more than DITO Telecommunity.”

“You will hear more about our digital initiatives in online learning through Luna Academy, consumer data analytics through Unalytics, and marketing and media solutions through Acuity Global in the coming months,” he stated.

“These projects are now bearing fruit, and they will demonstrate strong synergies with DITO Tel.”

+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0

Enter your email and get notified when new content is added!

We don’t spam! Read our privacy policy for more info.

Leave a Reply

Your email address will not be published. Required fields are marked *

Send this to a friend