DITO CME net income drops over 70% as expenses soar

DITO CME Holdings Corp.’s second-quarter attributable net income fell 70.8% to P8.1 million from P27.5 million in the same period last year, mainly due to higher expenses.

The listed holding company’s total expenses for the quarter jumped to P18.6 million from measly P555,877 in the same period in 2020, it said in a disclosure to the stock exchange on Monday.

The company’s non-operating income for the quarter went up 11% to P32.2 million from P29.1 million in the same period last year.

For the first six months of the year, DITO CME’s net income attributable to parent equity holder decreased 70.5% to P16.3 million from P55.3 million previously.

Total expenses for the first six months ballooned to P35.8 million from P1.6 million in the previous year.

Its first-half non-operating income grew 4.6% to P61.2 million from P58.5 million in the same period last year.

“The company earned interest income from its advances from its outstanding receivable from Udenna Corp. Group and investments totaling to P54.6 million and P29.3 million in 2021 and 2020, respectively,” DITO CME said.

“On the other hand, expenses incurred had increased… mainly due to additional professional fees and salaries paid in 2021 as compared to 2020,” it added.

DITO CME shares closed 1.68% lower at P7.63 apiece on Monday. — Arjay L. Balinbin

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