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Digital reports H1 loss of PHP2 billion on FOREX, market losses

15 Aug 2008

JG Summit Holdings’ telecoms division Digital Telecommunications Philippines, which offers fixed and mobile services in the country, reported a H1 2008 net loss of PHP2 billion (USD44.4 million), a significant increase from PHP9 million in the first six months of 2007, largely due to foreign exchange and market valuation losses of PHP1.6 billion for the period.

According to TeleGeography’s GlobalComms database, Digital’s Digitel Mobile (Sun Cellular) unit reached the 6.5 million mark for subscribers at the end of June, with monthly net additions totalling around 500,00 per month in 2008. The company has set itself a target of ten million subscribers by the end of the year and aims to improve its range of services in order to reach this goal. The cellco has allocated PHP12 billion to expand and upgrade its networks this year, increasing the number of cellsites from 2,300 in December 2007 to 4,000 by end of December.

Philippines, Sun Cellular (Philippines)

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