DITO CME said in its latest annual report that losses narrowed by 24 percent to P19.6 billion while revenues jumped by 54 percent to P11.24 billion.
This was mainly due to a 50 percent surge in mobile data revenue to P8.1 billion. Voice and text messaging services also grew over the past year. The company closed 2023 with about 9 million subscribers.
Despite improving operating results, DITO CME remains heavily indebted because of its ongoing network rollout, now on its fourth year.
Interest costs in 2023 surged 86 percent to P9.78 billion while continued losses caused DITO CME to book a capital shortfall of P35.37 billion, a 27 percent increase.
DITO’s management remains confident the business can weather its present challenges while it expands and wins market share.
“Also, the company will continue to efficiently implement its network roll-out plan and cost-saving measures to improve the results of operations,” it added.
Additional funding support will come from a $3.9 billion project loan facility that was signed last Sept. 20.
The company also raised P5.5 billion through the private sale of shares last year and is planning a public share offering within the first half of 2024.
A source with direct knowledge of the matter told InsiderPH the company was aiming to raise between P2-3 billion in a follow-on share sale.
Uy’s holding company, Udenna Corp., owned 54.77 percent of DITO CME at the end of 2023.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
