Manila Water Co. Inc. posted an 18- percent drop in net income in 2020 to P4.5 billion from P5.49 billion in 2019 as contribution from domestic subsidiaries was affected by the pandemic.
Manila Water booked a 2-percent decline in revenues to P21.13 billion from P21.65 billion as total billed volume slightly went down to 1,239.8 million cubic meters (mcm) from 1,244.8 mcm .
Local subsidiaries which recorded declines for billed volumes were Boracay Water with 3.2 mcm from 4.8 mcm ( -33 percent) ; Cebu Water, 11.2 mcm from 13 mcm ( -13 percent); and Clark Water, 13.4 mcm from 14.5 mcm (- 7 percent).
International subsidiaries that recorded drops in billed volumes were East Water in Thailand with 326.8 mcm from 382.1 mcm (- 14 percent ) and Thu Duc Water in Vietnam with 109.8 mcm from 110.5 mcm equivalent (-1 percent).
In a separate disclosure to the Philippine Stock Exchange yesterday, the company said it secured a P233 million term loan facility with the Bank of the Philippine Islands through Aqua Centro MWPV Corp. (ACMC), a wholly-owned subsidiary of Manila Water Philippine Ventures Inc.
Manila Water said that proceeds of the loan will be for partially financing ACMC’s capital expenditure projects.