Liberty narrows losses to P114 M in Q1

Liberty Telecoms Holdings Inc. (LTHI), a unit of San Miguel Corp. (SMC), narrowed its losses in the first quarter from last year amid lower costs and expenses.

In a report to the Philippine Stock Exchange, LTHI said it trimmed its net loss to P113.96 million from January to March, 45 percent lower than the P207.15 million in the same period in 2015.

Costs and expenses incurred by LTHI amounted to P149.30 million in the first quarter, down 46 percent from P276.64 million in the same three-month period in the previous year.

Revenues also declined 53 percent to P35.93 million as of end-March from P77.25 million in the same period in 2015.

LTHI’s revenues came from lease agreements, while its subsidiary Tori Spectrum Telecom Inc. is in the process of developing data service offerings to cater to the evolving needs of its consumer market.

To maximize the returns on existing asset, Tori Spectrum leases out or allows other telecommunication companies to co- locate at its sites subject to the payment of fees and charges.

LTHI though wi- tribe provides 4G broadband Internet connection available in prepaid and postpaid plans.

SMC was earlier in talks with Australia’s biggest telephone firm Telstra Corp. Ltd. to launch a joint venture for a wireless business in the Philippines.

While the talks have collapsed with no deal reached, SMC is still planning to launch its telecommunications venture.

SMC president and chief operating officer Ramon Ang said serious discussions with at least four foreign firms are ongoing, with the hope of finalizing a partnership as early as this month.

With or without a partner, the firm is looking to pursue its telco venture within the year.

SMC accounts for the bulk of the 700 Megahertz frequency which other telco players want to get access to, given the spectrum’s capability to deploy high-capacity wireless and fixed broadband at lower investments required.