Of the total, P14.7 billion was attributable to the company’s shareholders, with the remainder borne by non-controlling interests, according to DITO, which is the parent firm of telco challenger DITO Telecommunity.
The losses stemmed mainly from P18.6 billion in interest payments, up 90 percent year-on-year, and P8.3 billion in foreign exchange losses, driven by the depreciation of the Philippine peso against the US dollar and Chinese yuan.
These raised the cost of servicing the group’s foreign currency-denominated loans.
Strong revenue growth
Despite the financial strain, DITO’s top line showed strong growth.
Revenues rose 45 percent to P16.3 billion, up from P11.2 billion in 2023, fueled by higher mobile usage. The company ended 2024 with 13.67 million subscribers versus 9.64 million the year prior, while average revenue per user (ARPU) held steady at P108.
Mobile services remained the key driver, accounting for P15.6 billion or 95 percent of total revenues. Within this, data contributed P12.4 billion or 80 percent of mobile sales, reflecting sustained demand for broadband access.
EBITDA turns positive
DITO also reported an adjusted earnings before interest, depreciation and amortization of P422 million — a significant turnaround from the P1.6 billion EBITDA loss in 2023.
This marked the first time its core operations generated positive cash flow.
The shift was primarily due to higher service revenues as its network scaled up following commercial launch in 2021. However, this was offset by rising operating expenses and other charges that continued to drag down the company’s bottom line.
The company said it passed its fifth government audit in 2024, covering national population coverage and broadband speeds. It achieved 86.3 percent 4G coverage and average 5G speeds of 92.87 Mbps, well ahead of required thresholds.
Other cost pressures
Even with the revenue jump, operating losses remained steep at P14.2 billion, with total costs rising 16 percent to ₱30.5 billion.
General and administrative expenses ballooned 21 percent to P14.6 billion due to ongoing commercial rollout efforts. These included outsourced manpower, tower rentals, consultancy fees, and aggressive marketing.
