Digitel reports strong 2007 financials

15 Apr 2008

Digital Telecommunications (Digitel) has reported strong gains in revenues and net income for 2007. Total group sales soared 48% to PHP16.8 billion (USD404 million) largely on the back of gains on derivative instruments and foreign exchange. Wireless revenue grew 40.5% to PHP4 billion on the back of strong subscriber growth, helping push overall service revenues up 8.8% to PHP8.3 billion. Group EBITDA also went up by 8.8% to PHP2 billion, while a net loss in 2006 of PHP962.9 million was reversed to a net profit of PHP1.2 billion in 2007. Digitel stated that it expects further improvement in the future as it expands its wireless network, introduces new products and cuts costs.