DITO CME Holdings Corp (DITO CME) reported that for the six-month period ending 30 June 2022, the Company reported a 10.6x increase in revenues to P3.03 billion with EBITDA growing 26 percent to P2.79 billion.
On the other hand, due to P7.26 billion in unrealized foreign exchange losses (from a gain in the same period last year) as well as 135 percent and 423 percent increases in costs and expenses (inclusive of depreciation and amortization) and interest expenses, respectively, DITO CME’s losses widened to P15.43 billion.
DITO CME subsidiary DITO Telecommunity drove its strong growth in revenues with a 614 percent yearon-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.
DITO CME President Eric R. Alberto commented, “We continue to move forward and are very satisfied with our investment in DITO Telecommunity. 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.”
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.”