Manila Water reports 4% profit increase as while water supplies decrease
The Ayala-led Manila Water Company Inc recorded a 4% increase in its first quarter income report despite dwindling water supplies.
The water firm disclosed a net income of P1.28 billion ($25 million) in the first three months of 2020, higher than the P1.23 billion ($24 million) last year.
The company attributed the profit rate raise to “resilient” management of raw water supply powers in East Zone operations, allowing Manila Water to maintain water availability at near 100% for its customers in Manila 24/7.
However, water supplies for the central started to decrease as hotter days begin. Angat Dam, which supplies 97% of potable water in Metro Manila, recorded a water level drop below the average 190 meters above sea level (masl).
As of Friday, the reservoir contained 189.06 meters of water, nine meters away from the dam’s low level of 180 masl.
The company is also worried about as its core net income dropped 12% year-on-year after its local and international units generated lower earnings during the period.
Manila Water Philippine Ventures and Manila Water Asia Pacific both recorded a million peso lost after work stoppage due to the coronavirus outbreak.
The firm pledged to “work even more closely with our partners and stakeholders” in providing “more effective and innovative ways of serving our customers under this new normal.”