DITO CME Holdings Corp. has incurred a huge net loss for the first half of 2022. This is despite the increase in revenue for the same period.

During the company’s filing with the Philippine Stock Exchange, DITO said the losses were due to billions of unrealized foreign exchange losses, as well as increases in costs and interest expenses. 

The company posted a net loss amounting to Php 15.43 billion for the first half of 2022. This is an increase of 300 percent from the Php 3.81 billion net loss for the same period last year.

According to reports, the company revenues rose rapidly by 967 percent—from Php 283.82 billion to Php 3.03 billion. However, the company’s costs and expenses also increased from Php 4.17 billion to Php 9.82 billion—Php 7.26 billion in unrealized foreign exchange losses and Php 1.47 billion in interest expenses.

DITO Telecom is the top income generator of DITO CME Holdings Corporation. It has posted a 614 percent year- on-year increase in gross subscribers to 9.64 million as of end-June 2022.

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

“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 added.