Overseas operations, lower taxes buoy Manila Water’s nine-month profit
Business

Overseas operations, lower taxes buoy Manila Water’s nine-month profit

Bilyonaryo Enrique K. Razon Jr.-led Manila Water Co. Inc. grew its net income in the nine months to September by six percent to ₱3.4 billion, largely due to higher contributions from its international affiliates.

READ: Ricky Razon gets Manila Water back on track, H1 earnings up 10%

Manila Water also paid 40 percent less income tax as a result of the implementation of the CREATE Law.

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Revenues, however, were down by five percent to ₱15.3 billion due to the four percent drop in 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.

READ: Manila Water shakeup: Razon yields president, CEO jobs to Jocot De Dios; Christian Gonzalez gives up board seat

The growth in Manila Water Asia Pacific and improvement in Manila Water Philippine Ventures (MWPV) offset the decline in the east zone concession.

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Manila Water posted a higher equity share in the net income of associates — East Water (Thailand), Thu Duc Water (Vietnam) and Kenh Dong Water (Vietnam).

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Providing additional boost to Manila Water’s bottomline was the management, operations and maintenance contract with the National Water Company in the Kingdom of Saudi Arabia.

READ: Razon-led Manila Water wins new water management contract in Saudi Arabia

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

 

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