Manila Water Company, Inc. Reports Parent and Consolidated Earnings Results for the First Quarter Ended March 31, 2021
May 10, 2021 at 02:00 am
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Manila Water Company, Inc. reported parent and consolidated earnings results for the first quarter ended March 31, 2021. Consolidated net income for the period stood at PHP 1.3 billion, 8% lower than last year, due to drop in billed volume and change in customer mix as well as reduction in supervision fees as a result of COVID-19. Revenues declined 15% to PHP 999 million.
Revenues declined 11% for the period to nearly PHP 3.9 billion, largely due to lower billed volume and the shift of customer mix.
Manila Water Company, Inc. provides water, integrated used water, sewerage and sanitation, distribution services, pipework, engineering, procurement and management services. Its segments include Manila Concession and Head Office, Domestic Subsidiaries and Foreign Subsidiaries. The Manila Concession and Head Office represents the operations of the Manila Concession (East Zone) of the Parent Company in accordance with its Concession Agreement. The Domestic Subsidiaries include Philippine businesses, such as MWIS, Calasiao Water, MWPVI (including Boracay Water, Calbayog Water, Clark Water, Filipinas Water, Bulakan Water, Ilagan Water, South Luzon Water, Obando Water, Laguna Water, North Luzon Water, Davao Water, Tagum Water, MW Consortium, Cebu Water, Aqua Centro, BMDC, EcoWater, Leyte Water, MWTV, and Zamboanga Water). The Foreign Subsidiaries consist of businesses outside the Philippines under Manila Water Asia Pacific Pte. Ltd. (KDWH, MWSAH, TDWH, MWTH, MWTC, MSEA, and PTMWI).