Due to the compounding factors of the enfeebling state of the peso versus foreign currencies as well as essential debt payments from Chinese banking institutions, DITO CME is finding itself in a ballooned net loss of Php8.3 billion.
DITO CME revealed its financial loss to the Philippine Stock Exchange, telling also how it quadrupled to its current amount in several months from just being P2.05 billion a year prior.
While the company saw massive growth in the same period, having raised its revenue from Php286.39 million to Php3.03 billion after hitting a milestone achievement of a 9.64 million subscriber base, DITO CME’s expenditures coincidentally doubled following efforts to expand its network reach with various infrastructure projects.
Sister company Udenna Group corroborates DITO CME’s present financial status as a result of the combined depreciating peso and maturity of loans.
As the Philippine Peso loses power against the US Dollar and the Chinese Yuan, the same currencies on which the company’s debt is based, DITO CME has sustained a foreign exchange loss of Php7.26 billion.
Adding also to the issue is the rise of interest for expenses, which saw an increase from Php281.45 million to Php1.47 billion, a five-fold surge, as the company paid its dues.