DITO CME widens Q1 net loss on weaker revenues

DITO CME HOLDINGS Corp. widened its attributable net loss for the first quarter (Q1) as costs dragged the company’s revenue for the period.

The listed company posted an attributable net loss of P6.76 billion for the January-to-March period, wider than the P1.66-billion loss recorded a year earlier.

DITO CME reported total revenues of P5.81 billion for the first quarter, up 23.88% from P4.89 billion in the comparable period last year.

Service revenues accounted for most of the company’s topline at P5.67 billion, while non-service revenues reached P143.15 million.

The company’s total expenses rose 0.81% to P8.67 billion from P8.11 billion a year earlier.

DITO CME is the parent company of DITO Telecommunity Corp., the country’s third major telecommunications provider.

Earlier this month, DITO CME disclosed that its parent company, Udenna Corp., sold 210 million DITO CME shares.

The transaction involved the sale of 75 million shares at 97 centavos each worth P72.75 million, another 75 million shares at 95 centavos apiece valued at P71.25 million, and 60 million shares at 95 centavos each worth P57 million.

Following the transaction, Udenna reduced its stake in DITO CME to 48.81% from 49.79%.

DITO CME’s ownership report showed that Summit Telco Holdings Corp. owns a 15.36% stake in the company, while Summit Telco Corp. Pte. Ltd. holds 7.4%.

Shares in DITO CME closed unchanged at 80 centavos apiece on Monday. — Ashley Erika O. Jose