Manila Water income jumps 22% to P625M in 1st quarter

Manila Water Corp., the Ayala-controlled water utility firm servicing the east zone of Metro Manila, reported a 22 percent growth in net profit during the first three months of the year, backed by higher billed volume and improvements in operating efficiency.

Manila Water said its net earnings reached P625 million during the period on the back of a 16 percent jump in revenues.

System losses or non-revenue water (NRW) continued to decrease to 22.9 percent from 26.2 percent a year earlier, making it at par with major cities within the Asian region.

Manila Water president Antonino Aquino said the company has invested P24 billion over the past 10 years  to improve its service and intends to spend another P37 billion over the next five years to further expand its service.

“The new plan, which was approved by the regulators in December last year, will involve an aggressive capital investment amounting to roughly P7 billion per year.  Our strong performance for the first quarter will ensure the successful execution of our investment initiatives to support our expansion plans in the east zone,” Aquino said.

The plan aims to ensure 24-hour water supply to customers, mitigate effects of natural calamities, expand water and wastewater services to more areas in the east zone and ensure that sufficient water supply is available to meet the demands of an increasing population coverage, particularly in Taguig, parts of Rizal and potentially, to some parts of Bulacan.

To further expand sewerage coverage and help in the protection and revitalization of the Marikina and Pasig river systems, Manila Water has also laid out the groundwork for a number of new sewerage treatment plants.

Aquino said the new plants will be put up in Taguig, Makati, Pasig and Marikina and will benefit about 120,000 people.