Manila Water Co. Inc. suffered an 18-percent decline in its consolidated net income last year to P3.7 billion from P4.5 billion in 2020 attributed to the full-year effect of the pandemic to customer demand and business operations.
Manila Water said the decrease was recorded even as domestic and international operations outside the east zone concession experienced improved performance.
Revenues dropped 4 percent to P20.29 billion from P21.13 billion because of lower billed volume across all segments in the east zone concession and in several domestic subsidiaries.
Cost and expenses for the period stood at P9.2 billion, up by 11 percent from 2020’s P8.34 billion as business and operating activities ramped up coming from community quarantine restrictions imposed in 2020.
Despite the lower income, Manila Water said it continued its capital expenditure program in the east concession, posting nearly P14 billion worth of projects for the year. – Jed Macapagal
