In a disclosure, the Ayala-led water utility said revenues climbed by 9 percent to P5.5 billion from P5.1 billion. Manila Water said it generated higher earnings in the quarter a year after a water supply shortage struck its concession area. Core net income decreased by 12 percent year-on-year in the period due to lower contributions from its domestic subsidiaries. Excluding one-offs recognized in the previous year, core net income dropped by 7 percent to P1.65 billion. Domestic operations under Manila Water Philippine Ventures Inc. (MWPV) posted a net loss of P151 million, primarily because of the lower net income contribution from Estate Water on account of the decrease in supervision fees.

Source: Manila Times May 08, 2020 17:35 UTC