DITO widens losses to P41B in 2024
DITO CME Holdings Corp. widened its net losses to P41.01 billion in 2024 from P19.6 billion the year earlier.
MANILA, Philippines — DITO CME Holdings Corp. widened its net losses last year. This was attributed to 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.
READ: Dennis Uy’s wife quits as DITO CME treasurer
Total revenues grew by 45 percent to P16.35 billion for the period.
However, DITO 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 US dollar.
Meanwhile, interest expense nearly doubled to P18.58 billion. This was mainly because of amortization of lease liabilities, interest-bearing loans and advances.
