DITO CME Holdings Corp., the telecom venture of Davao-based businessman Dennis Uy, said Thursday it narrowed net loss to P19.60 billion last year from P25.64 billion in 2022 as gross revenue rose faster than operating and other expenses.
Consolidated revenue, mainly generated by DITO Tel, soared 54 percent to P11.24 billion in 2023 when its total subscribers increased to 9 million with average revenue per user of P128 a month.
DITO said th majority of the group’s revenue is derived from operations within the Philippines with no single customer exceeding 10 percent of total revenue. The Group generates revenue by providing mobile services to subscribers in prepaid and postpaid arrangements such as short messaging service, voice, data, over-the-top and others. Data accounted for P8.1 billion, or 72 percent, of total revenue.
Depreciation and amortization increased to P13.4 billion from P9.49 billion due mainly to additional capital expenditures during the year as part of DITO Tel’s continued focus on increasing network coverage nationwide. Network coverage also increased to 853 sites from 700.
DITO said interest expense recognized last year amounted to P9.78 billion from P5.25 billion in 2022 on account of rising amortization of lease liabilities, interest-bearing loans, and advances.
