Forex gains help Digitel to cut net loss in H1

Filipino telecoms operator Digital Telecommunications Philippines Inc (Digitel) reported a 79% narrowing of its losses in the first half of 2007, as a stronger peso boosted forex gains for the company. Digitel reported a net loss of PHP297.5 million (USD6.48 million) in the six months to June, compared with a net loss of PHP1.4 billion in the corresponding period of 2006. It benefited from a forex gain of PHP1.7 billion in the period under review, compared with a loss of PHP252.6 million a year ago. Digitel’s revenues climbed 43% in 1H 2007 to PHP5.6 billion, driven by increased income from wireless operations.