Lopez-led Bayan posts losses last year, reversing profitability in 2007

MANILA, Philippines – Bayan Telecommunications Inc. reversed last year’s profitability by posting losses this year due to the peso’s depreciation against the US dollar.

Net losses reached P777 million in 2008, one year after it reported earnings of P2 billion the previous year, the company said, blaming the plunge of the peso which reached P47 to a dollar from only P41.

As a result, the company posted unrealized foreign exchange losses worth P2.7 billion last year, reversing its foreign exchange gains of P3.3 billion last year.

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