Corporate News

Liberty trims losses

Posted on November 15, 2012

SAN MIGUEL Corp.-controlled Liberty Telecoms Holdings, Inc. narrowed its losses in the third quarter on slight revenue gains and cuts in expenses, the company said in a disclosure yesterday.

The company behind the broadband services brand, wi-tribe, recorded a P329.17-million net loss from July to September, 20.86% less than the P415.92-million loss recorded the previous year.

Revenues edged up 0.52% to P149.26 million from P148.49 million, while costs and expenses dropped 18.64% to P431.23 million from P530.08 million as expenses on rent and utilities, as well as on repairs and maintenance declined, according to its financial statement submitted to the Philippine Stock Exchange.

Third-quarter figures sent the company’s losses to P1.09 billion as of September, 3.54% less than P1.13-billion losses in the same nine months last year.

In the same comparative nine-month periods, revenues increased 14.08% to P444.27 million from P389.45 million as the company “continues to acquire more subscribers for its postpaid and prepaid broadband services”, while cost and expenses slid 3.38% to P1.43 billion from P1.48 billion.

“The group incurred less provisions for impairment losses or receivables and maintenance cost for vehicles,” the company said in its financial statement. “This was partially offset by an increase in depreciation and amortization brought about by fixed asset additions.”

Shares of Liberty Telecoms, which is 41.48% controlled by San Miguel through Vega Telecom, Inc., were unchanged at P2.40 apiece yesterday. -- C. H. C. Venzon