DITO CME bleeds P15 B in H1

While DITO CME Holdings Corp posted a 10.6 times increase in revenues to P3.03 billion for the first half of 2022, with EBITDA growing 26 percent to P2.79 billion, the company bled P15.43 billion due to P7.26 billion in unrealized foreign exchange losses, as well as 135 percent and 423 percent increases in costs and expenses.

DITO CME subsidiary DITO Telecommunity drove its strong growth in revenues with a 614 percent year- on-year increase in gross subscribers to 9.64 million as of end-June.

Out of the US$1.30 billion in loan facilities through various financial institutions, US$1.18 billion have been drawn and all originally carried maturity dates from April to October this year.

DITO Telecommunity had renewed its US$500 million loan facility from China Minsheng Banking Corp Ltd to May 2023 last month while loan facilities from several Bank of China branches totaling US$800 million are in the process of finalization or will be renewed prior to the maturity dates.

“We continue to move forward and are very satisfied with our investment in DITO Telecommunity,” announced DITO CME President Eric R. Alberto.

“The strong growth in DITO’s mobile subscribers in just a little over a year and a quarter from commercial launch is proof positive that there continues to be a segment of the market that prefers telco services that are no-nonsense, fast and reliable,” he elaborated.

DITO CME CFO Joseph John L. Ong added, “We are confident that the bridge loan facilities will be renewed until such time that these loan availments are converted into our arranged long-term loans with the same creditor banks.”

DITO CME Holdings Corporation (DCME) is a holding and investment firm focused on identifying and capitalizing differentiated investment opportunities that will drive the benefits of information and communications technology deeper into various sectors of our economy.

With a vision to empower and enable the digital lifestyle of every Filipino, DCME pursues its mission to connect people to people, transform legacy tools and practices to digital, make human transactions simpler, faster and easier enabled by best-in-class technology.

Credit belongs to : www.mb.com.ph

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