Liberty Telecoms trims losses

MANILA, Philippines - Liberty Telecoms Holdings Inc. (LTHI), a unit of San Miguel Corp. (SMC), trimmed its losses by more than a fifth in the first nine months amid higher revenues and lower expenses.

In a report to the Philippine Stock Exchange,  LTHI said it incurred a net loss of P616.1 million in the first nine months, 24.3 percent lower than the P813.6 million a year ago.

The company’s revenues grew 12.2 percent to P226.9 million as of end-September from P202.2 million a year ago

Its costs and expenses, meanwhile, dropped nine percent to P826.8 million in the first nine months from P908.7 million last year.

For the third quarter alone, LTHI’s net loss amounted to P183.2 million, down 28.7 percent from P256.8 million a year ago.

The firm’s revenues for the July to September period rose 62 percent to P82.2 million from P50.7 million last year.

Costs and expenses decreased 6.3 percent to P267.7 million in the third quarter from the P285.8 million a year ago.

Earlier this year, SMC through subsidiary Vega Telecom Inc. conducted a tender offer for 223.155 million common shares of LTHI for P491 million.

The tender offer was conducted as Vega is acquiring 51 percent of the total capital stock of LTHI.

Vega earlier entered into share purchase agreements to acquire a total of 3.33 billion common and preferred shares of LTHI from sellers Qtel West Bay Holdings S.P.C., Wi-tribe Asia Ltd. and White Dawn Solution Holdings.

LTHI recently completed its corporate rehabilitation program.

The company went through a corporate rehabilitation program following its decision to suspend operations in 2005 due to lack of capital to operate and continue its business.