Manila Water earnings decreased 11 percent from last year to stand at ₱4.4 billion as of the 3rd quarter, with performance still dampened by the impact of the water supply shortage in its Manila Concession early this year. Despite these challenges, continued efforts towards operating efficiency in the East Zone and the increased contribution of the domestic subsidiaries have made the business more resilient. As a result, core net income stood at ₱5.8 billion for the period – an improvement of over 10 percent from last year.
Manila Water, through the Manila Water Foundation, Inc. (MWF), readily came to the aid of the victims of the recent earthquake in Mindanao, by providing much-needed drinking water to the evacuation centers in North Cotabato and Davao del Sur, which were hardest-hit in the series of tremors experienced last week. Through coordination with various government agencies, MWF was able to bring in two thousand twenty (2,020) 5-gallon bottles of Healthy Family drinking water to the evacuation centers in Kidapawan City and the towns of Makilala and Tulunan in North Cotabato, and three hundred (300) bottles to Magsaysay town in Davao Del Sur.
Manila Water Company, Inc. (“Manila Water”) signed a EUR250 Million, 7-year term loan facility with Bank of China (Hong Kong) Limited and Bank of China Limited, Manila Branch. The loan is the first EUR-denominated commercial loan of the company and will be used to finance the company’s capital expenditure program in Metro Manila’s East Zone for 2019-2020.
Manila Water earnings for the first half of 2019 stood at ₱2.9 billion, 18 percent lower than the previous year. This decline is still driven by the impact of the water supply shortage which hit its Manila Concession business early this year. Outside the East Zone, domestic business operations saw higher earnings contribution while foreign operations held steady. On the other hand, new business developments continue to provide market expansion and new sector opportunities.