Manila Water Co., the East Zone concessionaire, on Thursday said its income for the nine months of the year grew 6 percent to P3.38 billion, from last year’s P3.19 billion on the back of the significant increase in the contribution of its units.

Revenues fell 5 percent to P15.27 billion from last year’s P16.07 billion due to lower billed volume in the East Zone concession and in several domestic subsidiaries, with the continuing impact of Covid-19 restrictions being felt across the company’s customer base.

Company president and CEO Jocot de Dios said the company is optimistic of the gradual recovery of billed volume to pre-pandemic levels with the easing of quarantine restrictions and the opening up of the economy.

“As commercial and industrial establishments begin to expand their operations as a result of the downgrade of alert levels, we are hopeful that consumption will show an upward trajectory especially with the coming holiday season,” de Dios said.

“Despite the challenges brought about by the pandemic, we are also extremely excited with the addition of the Pangasinan bulk water project to our local ventures as well as the second water contract for the Eastern Cluster in Saudi Arabia. These twin developments are perfectly aligned with Manila Water’s vision of being recognized as a global Filipino company in the field of water and wastewater services.”

Manila Water’s cost and expenses for the period stood at P6.2 billion, up 7 percent from a year ago, driven by the catch-up of business and operating activities which were suspended during the enhanced community quarantine last year.

The company said its concession area registered a 4-percent decline in billed volume for the period, driven largely by lower consumption in the commercial and industrial segments with the continued impact of Covid-19 restrictions.

Manila Water continued with its mandated capital expenditure program and spent some P7 billion for projects, mainly for wastewater expansion, network reliability and water supply projects in line with the fulfillment of service obligations, it said.

The growth in Manila Water Asia Pacific and improvement in Manila Water Philippine Ventures helped offset the decline in the East Zone concession.

The company said it had a higher equity share in the net income from East Water (Thailand), Thu Duc Water (Vietnam) and Kenh Dong Water (Vietnam), while there were additional contributions from the management, operations and maintenance contract with the National Water Co. in Saudi Arabia.

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