Dito’s bleeding worsens, loss quadruples to P6.8 billion

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May 21, 2026 | 12:00am

MANILA, Philippines — Davao-based businessman Dennis Uy’s telco venture remains in the red as its capital deficiency hit a new record of nearly P118 billion in the first quarter and its net loss widened more than fourfold to P6.76 billion, from P1.66 billion a year ago.

Based on its financial report, Dito CME Holdings Corp. said its capital deficiency went up to a record P117.73 billion, showing no signs of recovery with 12 quarters left to its promised profit.

Dito blamed its worsening finances on increasing operating expenses and payment of maturing loans, underscoring how dire the capital requirements are to compete in the telco industry.

Although Dito booked a 24-percent increase in revenue to P5.81 billion, this was offset by a seven-percent rise in expenses to P8.67 billion.

To date, Dito is still spending more than what it is earning to keep up with the network coverage of industry veterans Smart Communications Inc. and Globe Telecom Inc. The telco is also dragged by higher debt financing and foreign exchange losses.

Dito’s interest expense spiked by 37 percent to P5.01 billion in the first quarter, as the telco paid off expiring loans and lease liabilities.

Aside from this, Dito took a blow from the peso’s decline in the currency market, as it posted a forex loss of P9.74 billion because its loans are mostly in foreign currencies.

In spite of the red flags, Dito is keeping an optimistic outlook that it would recover soon, saying it is capable of generating enough cash to meet maturing obligations.

Dito takes the bulk of its revenues at P4.63 billion from the data services of Dito Telecommunity Corp. It also finds a growing inflow from its fixed wireless access (FWA) segment, amounting to P567 million, serving broadband subscribers who prefer to use plug-and-play internet.

As of March, Dito’s subscriber count has reached more than 16.63 million in the mobile segment and about 470,000 on the FWA side. The telco is leaning on a network backbone of 7,347 towers for a population coverage of 86.4 percent.

Dito is relying on these positives in reaching its target of becoming profitable by 2028.