DITO net loss widens to P11B on higher expenses

DITO CME Holdings Corp. incurred a net loss of P11.24 billion last year, further expanding from the P9.67-billion loss it suffered a year earlier, amid higher expenses.

The bigger net loss came despite the company booking a more than threefold increase in revenues from contracts with customers to P7.28 billion in 2022 from P2.19 billion in 2021. Service revenues accounted for most of last year’s top line, with non-service revenues contributing P5.35 million.

DITO’s costs and expenses offset the revenue growth as these increased by 59.6% to P20.55 billion from P12.88 billion previously. General, selling and administrative expenses grew by 40.3% to P10.75 billion from P7.66 billion.

Expenses on depreciation and amortization were 88% higher at P9.49 billion than the previous year’s P5.05 billion. Cost of sales and services reached P314.49 million, up by 83% from P171.87 million.

DITO also incurred other charges consisting of P7.24 billion in foreign exchange losses and P5.25 billion in interest expenses. It booked other income from interest at P128.81 million and other income from investments amounting to P7.21 million.

The company’s net other charges were P12.36 billion in 2022, which is 70.3% higher than the P7.26 billion other charges incurred in 2021.

DITO has a direct interest in DITO CME Ventures, Inc, Udenna Communications, Media and Entertainment Holdings Corp., Wagas Consultants Ltd., Una Technologies Corp., and Luna Technologies, Inc.

It also has an indirect interest in Host Union International Ltd., Dito Holdings Corp., and Dito Telecommunity Corp.

On Monday, shares in DITO went down by 11 centavos or 3.91% to P2.70 each. — Justine Irish D. Tabile