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.