MANILA Water Co., Inc. reported a consolidated earnings of P3.7 billion for 2021, which was 18% lower than the previous year due to the pandemic.
“The full-year effect of the COVID-19 (coronavirus disease 2019) pandemic impacted customer demand and business operations, even as domestic and international operations outside the East Zone Concession showed improved performance,” Manila Water said in a media release.
“Despite the challenges, including an ongoing tariff freeze, the company pushed through with its projects to ensure prudent compliance to regulatory and service commitments, with group capital expenditures at nearly P17 billion for the year,” it added.
In its unaudited report for 2021, revenues dropped 4% to P20.3 billion from P21.1 billion in 2020, due to “lower billed volume across all segments in the East Zone Concession and in several domestic subsidiaries,” as well as lower customer consumption due to the pandemic.
Cost and operating expenses for the period stood at P9.2 billion, up 7% from P8.3 billion. The water concessionaire said this was due to the ramp up of operating activities after eased lockdown restrictions.
“This increase was partially offset by lower power and chemical costs in line with lower production during the period,” Manila Water added.
The firm placed its spending for projects in Metro Manila’s east zone at P14 billion, largely for water supply improvement and wastewater expansion.
Manila Water said it is working on the Wawa Calawis project that will supply an additional 518 million liters per day (mld), of which 80 mld is expected to be available by end-2022.
It said the water projects would further augment available water supply to its customers and ensure reliable water service, with continued collaboration with key government agencies.
The company added that its customers “currently continue to experience 24/7 water supply but the growing demand will require investments in additional infrastructure.”
At the stock exchange on Tuesday, Manila Water shares were up 0.5% or 10 centavos to finish at P20.10 each. — Luisa Maria Jacinta C. Jocson