Liberty Telecom (Wi-Tribe) narrows 9M losses

15 Nov 2012

Philippines telecoms operator Liberty Telecom Holdings, which offers WiMAX services via its Wi-Tribe Telecoms unit, says that it narrowed its net losses in the nine-month period ended 30 September 2012. The telco booked a net loss of PHP1.43 billion (USD34.9 million) in the period under review, compared with losses of PHP1.48 billion in the same period of 2011. Revenues from Wi-Tribe Telecoms grew 14% year-on-year to PHP444.27 million from PHP389.45 million in 9M11 aided by a rise in subscriber numbers. Commenting on the performance Liberty said: ‘The net losses are expected as the WiMAX unit is still in the start-up stage.’

In October this year the president of the Philippines, Benigno S Aquino III, signed into law a new edict renewing wireless broadband provider Wi-Tribe Telecoms’ operating concession in the country for a further 25 years. Wi-Tribe Telecoms, a joint venture of San Miguel Corp (SMC) and Qatar Telecom, had its franchise amended on 21 September 2011 by Republic Act No.10183. Its operating franchise was set to expire in June 2014. Wi-Tribe Telecoms, formerly Liberty Broadcasting Network, is allowed to operate mobile and wireless telecoms systems and secure necessary permits from the National Telecommunications Commission.

Philippines