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Manila Water Co. Inc. recorded a 24 percent drop in net income for the first nine months of the year to P3.19 billion from P4.19 billion in 2019.
Revenues were relatively flat at P16.07 billion from P15.9 billion.
Manila Water Philippines Ventures, the company’s parent firm for its domestic operating subsidiaries in Boracay Water, Clark Water, Laguna Water and Estate Water, suffered a P280 million net loss for the period from 2019’s net income of P302 million.
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Manila Water in a disclosure said the drop was due to the combined effects of the slump in net income of Boracay Water mainly brought by the 80 percent decline in tourist arrivals as well as the lower net income contribution from Estate Water.
