Water Utilities pays P40m dividend to govt

In its 38th Annual Report that covers the period April 2008 to March 2009, the parastatal says in compliance with Section 19 of the WUC Act, a dividend of P42 692 579 was estimated and paid on 31 March 2009, resulting in an overpayment of P3 107 038 which is to be recovered from the government.

Despite revenue growing by 12 percent, the water utility saw its net surplus for the period taking a knock, decreasing significantly from P208 million to P158.3 million.
WUC's cash flow also fell from P632.9 million in 2008 to P626.4 million in the year under review, while its total operating costs shot up by 46 percent to P369.6 million.