Digitel reports widening 9M08 losses

24 Nov 2008

Filipino telecoms group Digital Telecommunications Philippines (Digitel) said on Friday that its net loss surged to PHP2.7 billion (USD54.3 million) in the first nine months of the year from PHP229 million in the same period of 2007, largely due to the weak peso. The telco reported a net forex and market valuation loss of PHP2 billion for the period, without which it would have booked a net loss of only PHP241.4 million, it said.

The group’s nine-month revenues, however, climbed 27% year-on-year from PHP6 billion to PHP7.7 billion, driven by the popularity of its wireless services. The mobile business posted a 68.1% rise in operating revenues from PHP2.8 billion to PHP4.7 billion. Sales of fixed line products dipped 9% to PHP2.7 billion, attributed to a fall in domestic and international call charges, decreasing average rates per minute, and the weaker average exchange rate in 2008.

Philippines