Filipino telecoms operator Digital Telecommunications Philippines Inc (Digitel) booked a net loss of PHP131.34 million (USD3.08 million) for the three months to 30 September 2011, the quarterly period prior to its takeover by the country’s largest telco Philippine Long Distance Telephone Company (PLDT) last month: PLDT completed its acquisition of a 51.55% stake in Digitel from JG Summit Holdings on 26 October. In a regulatory filing, Digitel attributed the performance in part to a sharp increase in operating expenses and some PHP700 million-worth of net charges, which impacted revenues for the period. The telco booked turnover of PHP4.15 billion for the three months under review, up 15% year-on-year, but said this was eclipsed by a 19% surge in operating expenses to PHP4.34 billion.
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OVETEL Digitel books third-quarter loss prior to PLDT takeover
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