WUC posts P121m �artificial� profit

Wednesday, December 14, 2016

Struggling Water Utilities Corporation (WUC) made an artificial profit of P121 million for the year ended March 31, 2016, thanks to a P388 million tariff subsidy grant from government in the year.

The parastatal’s financial results for the period showed it realised revenues of P1.3 billion in the year while expenses stood at P1.57 billion. This left the corporation with a loss of P242 million and in a state that makes it unable to operate as a going concern.

Auditing firm, Delloite said the loss incurred was before taking into account the P388 million tariff subsidy grant received from the government during the year.

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WUC posts P121m �artificial� profit

Struggling Water Utilities Corporation (WUC) made an artificial profit of P121 million for the year ended March 31, 2016, thanks to a P388 million tariff subsidy grant from government in the year.

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