Despite tripling its revenues last year, DITO CME Holdings Corp., the parent firm of the country's third telco player, bled P11.24 billion as expenses ballooned.

DITO CME hauled in P7.28 billion revenues in 2022, mainly from DITO Telecommunity, from P2.19 billion in 2021.

The loss "was mainly due to higher operating expenses and higher other charges which offset the gross revenue growth generated from the start of DITO Telecommunity’s commercial operations since Mar. 8, 2021,” the company disclosed..

“The group derives its revenues mainly from the transfer of goods and services over time and at a point in time by providing mobile services to subscribers in prepaid arrangements such as SMS (Short Message Service), voice, data and internet.”

In 2021, DITO CME has already bled to the tune of P9.67-billion, for the same reason - higher expenses.

Last year, the company's costs and expenses soared 59.6 percent to P20.55 billion, from P12.88 billion.

General, selling and administrative expenses shot up 40.3 percent to P10.75 billion from P7.66 billion.

Despite losses and reported capital deficiency, the DITO CME management is confident that it can continue as a going concern, depending on its ability to generate sufficient cash flows to meet maturing obligations.

To achieve this, the company is "ramping up its commercial operations through targeted subscriber acquisition and promotional activities aimed at increasing revenue".