MANILA Water Co. Inc. reported on Tuesday its consolidated net income declined by 23.65 percent to P3.2 billion in the first nine months of 2020 from P4.2 billion recorded in the same period a year ago. Excluding the one-offs, core income was 26 percent lower at P4.2 billion. “Higher water revenue contribution from the East Zone Concession and Laguna Water was offset by lower revenues from other domestic subsidiaries and lower other operating income, which decreased by 43 percent as a result of lower supervision fees from Estate Water,” the listed firm added. Nine-month net income in the East Zone concession fell by 9 percent to P3.4 billion, primarily driven by the impact of the recognized impairment loss in the investment in Manila Water Total Solutions Corp. amounting to P563 million. Manila Water Philippine Ventures Inc., the listed firm’s vehicle for expansion within the Philippines, incurred a net loss of P280 million on the lower net income contribution from Estate Water attributable to the decrease in supervision fees, as well as decrease in net income of Boracay Island Water Co. due to an 80-percent decline in tourist arrivals caused by the Covid-19 pandemic, among others.

Source: Manila Times November 11, 2020 00:33 UTC