MANILA, Philippines — Manila Water Co. Inc. reported an 18 percent decline in its net income in 2021 to P3.7 billion as the pandemic impacted customer demand and business operations.
In a disclosure to the Philippine Stock Exchange, Manila Water said revenues also dropped by four percent to P20.3 billion.
The decline was also attributed to the lower billed volume across all segments in the east zone concession and in several domestic subsidiaries as COVID-19 restrictions significantly affected customer consumption.
Total billed volume in the east zone concession dropped four percent to 488.5 million cubic meters (mcm) from 506.4 mcm in the previous year.
This resulted in a six percent decline in revenues in the east zone operations to P9.2 billion.
Outside of the east zone concession,the company’s Manila Water Philippine Ventures (MWPV) saw improvement in profitability with the good performance of its North Luzon and Central Luzon clusters.
“Specifically, MWPV’s Laguna Water saw a two percent growth in billed volume, driven by the increase in consumption with the energization of its Laguna Wellfield,”Manila Water said.
MWPV registered total billed volume of 108.9 mcm, four percent higher than the 104.4 mcm in the previous year.
Manila Water said its Manila Water Asia Pacific (MWAP), which houses its international investments in the region, more than doubled its equity share in net income of associates last year, driven by the improved performance of East Water in Thailand, as well as the bulk water supply operations of Thu Doc Water and Kenh Dong Water in Vietnam.
MWAP registered a seven percent increase in total billed volume to 673.2 mcm from 628.5 mcm in 2020.
Manila Water serves the east zone, covering parts of Makati, Mandaluyong, Pasig, Pateros, San Juan, Taguig, Marikina, most parts of Quezon City, portions of Manila as well as several towns in Rizal.
Last year, the company signed a revised concession agreement with the Metropolitan Waterworks and Sewerage Systems, which allows it to serve the east zone until 2037.