DITO net loss shrinks to P337M amid lower expenses, forex gains
DITO CME Holdings Corp.’s attributable net loss narrowed to P336.67 million in the first quarter from P3.67 billion a year earlier after posting lower expenses and foreign exchange gains.
“DITO reported encouraging financial performance for the three-month period ending March 31 on the back of strong top line growth, reduced operating expenses as well as a reversal into a foreign exchange gain,” the company said in a disclosure on Monday.
During the period, the company’s revenues reached P2.34 billion, a 75.9% increase from the P1.33 billion booked last year.
Service revenues accounted for P2.34 billion, which increased by 75.5% from P1.33 billion, while non-service revenues grew 17 times to P5.54 million from P320,142 last year.
Costs and expenses during the quarter totaled P5.37 billion, up by 13.8% from P4.72 billion a year ago.
In the first quarter, the company recorded P4.23 billion in foreign exchange gain, a reversal of the P2.87 billion loss in 2022.
By 2024, DITO CME President Ernesto R. Alberto said that the company is expecting to increase its population coverage to 84%.
“We remain steadfast to our investment in DITO Telecommunity with its continued growth trajectory and expanding relevance as a digital enabler to the Philippine market,” he said.
“We are confident that this will continue as DITO Telecommunity continues to expand its network with commitments to increase population coverage to 80% this year and 84% by 2024,” he added.
On Monday, shares in the company closed 0.40% lower at P2.50 each.
CHELSEA REDUCES LOSSChelsea Logistics and Infrastructure Holdings Corp. trimmed its net loss to P324.04 million in the first three months of the year from P415.64 million last year.
The company’s top line grew by 31.4% to P1.71 billion from P1.3 billion in the previous year.
“Consolidated revenues jumped on increasing demand driven by the easing of strict pandemic restrictions, giving much-needed stimulus to the economy,” the company said in its latest quarterly report.
“However, the group has yet to achieve its anticipated economic and business recovery in 2023 even as it continues to work on bringing back to trading status one vessel at a time from laid-up status or extended drydocking during the pandemic,” it said.
In the first quarter, passage revenues increased 2.5 times to P407.39 million, while freight revenues climbed 9% to P883.71 million.
Charter and tugboat fees increased by 5.1% and 19.4%, respectively, to P162.37 million and P85.87 million, while other service revenues rose 4% to P131.83 million.
Cost of sales and services during the quarter reached P1.44 billion, an 18.3% increase from the P1.22 billion booked in 2022, while other operating expenses climbed 73% to P286 million from P81 million last year.
On Monday, shares in the company closed unchanged at P1.15 each.
Both DITO CME and Chelsea are chaired by Davao City businessman Dennis A. Uy. — Justine Irish D. Tabile