Manila Water net income falls on supply shortage costs

ABS-CBN News

Posted at May 09 2019 09:13 AM

Residents in Brgy. San Juan in Mandaluyong City line up to get their share during the distribution of water led by the local government amid a water shortage in parts of Metro Manila on March 15, 2019. Mark Demayo, ABS-CBN News

MANILA -- Manila Water Co said Thursday net income in the January to March period declined as it covered the cost of a supply shortage in the capital.

The Ayala-led utility said it posted net income of P1.23 billion in the first quarter, down 27 percent from the previous year. Revenues grew 8 percent to P5.1 billion due to a tariff increase.

The revenue growth was offset by a one-time bill waiver for customers affected by the water crisis, Manila Water said. Operating expenses grew 39 percent to P2.5 billion.

Excluding the effects of the water shortage Manila Water said first quarter core net income grew 22 percent to P2.1 billion.