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Manila Bulletin devider Business devider Manila Water's net income dips down 6% in 2023

Manila Water's net income dips down 6% in 2023

Published Feb 29, 2024 09:15 am

At A Glance

  • Manila Water Co.'s net income dipped down from P5.9 billion to P5.5 billion in 2023, while its total comprehensive income fell from P7 billion to P2 billion.<br>Operational expenses (OPEX) showed relative growth from 2022 to 2023, as it went frm P4.27 billion to P4.67 billion.<br>Manila Water fell short in manpower financing.

The consolidated net income of Razon-led Manila Water Co. Inc. dropped last year.

In a disclosure to the Philippine Stock Exchange on Thursday, Feb. 29, the net income attributed to the company’s equity holders totaled P5.5 billion by yearend 2023, which is a six percent drop from its previous year at P5.9 billion.

Subsequently, Manila Water’s net income in 2023 was written at P5.8 billion, 4.5 percent lower than in 2022 which had P6 billion.

On the other hand, the operational expenses between the two years showed a jump from P4.27 billion to P4.67 billion last year.

Water and used water revenues followed the increase, as their proceeds climbed to P28.5 billion from its previous P20.6 billion.

The water company also noted a 30 percent jump in its consolidated depreciation and amortization year-on-year from P2.7 billion in 2022 to P3.68 billion.

Meanwhile, other aspects of their financing experienced a drop, specifically in manpower.

Salaries, wages and employee benefits dropped 9 percent in the past year, as it went from P1.146 billion to P1.25 billion.

Contractual services also took a dive by nearly 20 percent, as Manila Water recorded only P659 million from P804 million.

Another decline in numbers were found in the amorization of water service connections, going down from P204.7 million to P191 million in yearend 2023.

The overall comprehensive income of Manila Water declined by 12 percent, as 2022 had P7 billion and then gone down to P2 billion in 2023.

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