EAST ZONE water concessionaire Manila Water Co., Inc. posted a 1% increase in its net income for the first half of the year to P2.48 billion, amid weak performances from its subsidiaries.
In a disclosure to the stock exchange on Thursday, the water provider said its total revenues rose 3% to P10.88 billion against P10.53 billion in the same period last year.
Manila Water said the net income for its concession amounted to P3.04 billion while the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 6% to P6.32 billion.
The company’s Manila Water Philippine Ventures (MWPV) posted a net loss of P208 million resulting from increases in its direct, personnel and overhead costs.
“Several of MWPV’s core subsidiaries experienced a notable decline, with businesses and commercial accounts being affected by the enhanced community quarantine,” the disclosure said.
Meanwhile, the water company’s international business ventures under Manila Water Asia Pacific (MWAP) recorded a net loss of P320 million, caused by weaker performance of Saigon Water and East Water.
“Even amid the challenges posed by the COVID-19 pandemic, Manila Water worked to maintain business operations while safeguarding the health and safety of employees and customers,” the disclosure said.
“Critical facilities remained operational to ensure water availability, as business support and leak repair/maintenance works continued in response to customer concerns,” it added.
Manila Water President and Chief Executive Officer Jose Rene Gregory D. Almendras said the company is pushing forward with its operations despite the coronavirus disease 2019 (COVID-19) pandemic.
“It’s been very challenging for us to work under the conditions posed by the COVID-19 pandemic, but we persevere because we know that we provide an important and basic service. In the end, we know that the solutions we develop to overcome these challenges, will help us serve our customers even better,” Mr. Almendras said.
On Thursday, shares of Manila Water rose 0.61% or P0.08 to close at P13.16 per share. — Revin Mikhael D. Ochave