DITO CME net loss widened to P11.24B in 2022

MANILA  -DITO CME Holdings Corp. saw its net loss widen last year despite registering revenue growth amid the surge in total costs and expenses.

In its latest financial report, the operator of DITO Telecommunity noted that its net loss attributable to parent company’s shareholders grew to P11.24 billion last year from P9.67 billion in 2021.

Consolidated net loss, meanwhile, climbed to P25.63 billion for the period from P17.95 billion in 2021.

“This was mainly due to higher operating expenses and higher other charges which offset (the growth in) gross revenue generated from the start of DITO Telecommunity’s commercial operations since Mar. 8, 2021,” the company explained.

Total revenues, which were mainly generated by DITO Telecommunity, improved by more than threefold to P7.28 billion last year from P2.19 billion in the same period in 2021.

“The group derives its revenue mainly from the transfer of goods and services over time and at a point in time by providing mobile services to subscribers in prepaid arrangements such as SMS (short message service), voice, data and internet,” it explained.

As of end-December 2022, it has 15 million subscribers.