Categories: BusinessDITO

DITO CME suffers P2.81 billion net loss due to telco expenses

DITO CME, the parent company of China-backed DITO Telecommunity, encountered a significant net loss due to the high expenses of telco operations.

In a disclosure to the Philippine Stock Exchange (PSE), DITO CME said that its revenues reached PhP 237 million for the first nine months of 2021, while its gross profit is at PhP 287 million.

The said figures are lower than its recorded expenses, which the company said tallied at P1.746 billion for the same period.

With this, DITO CME incurred an operating loss of PhP 1.459 billion, and a net loss of PhP 2.808 billion, inclusive of other charges.

DITO CME president Eric Alberto said that despite this, “the milestones reached in just nine months of operation are encouraging, to say the least.”

“DITO Tel is playing the long game. From day one, we did mention already that building a telco from scratch will be very much capital extensive,” he said.

He furthered that DITO Telecomunity’s growing subscriber base, which has surpassed four million users as of November 9, is proof that Filipinos need their service.

“It’s an affirmation that there is a large segment of the market that would go for an alternative fast, reliable, and widely available mobile service, with product offers that are simple, easy to understand, easy to buy, and specifically caters to the growing needs of our digital savvy consumers,” he added.

DITO Telecommunity launched its commercial operations in March this year.

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Myra Santos Santos

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