Manila Water posts 31% income hike as of September

MANILA, Philippines - Ayala-led Manila Water Corp. reported yesterday to the Philippine Stock Exchange (PSE) that its net income as of September this year amounted to P2.975 billion, 31 percent higher than last year’s P2.273 billion.

Total revenues of the East Zone water concessionaire as of September this year increased to P8.337 billion, an 18.5-percent hike compared to its revenues for the same period last year of just P7.035 billion.

However, the totals cost and expenses of the Ayala-led water firm increased to P2.246 billion as of September this year compared to what it spent for the comparable period last year of just P1.964 billion.

Manila Water further reported that the number of households it is servicing has increased to 1.167 million from 1.073 million for the comparable period last year.

Thus, its water sales has increased to 307.25 million cubic meters (MCM) from the 294.5 MCM it sold as of September last year.

The East Zone water utilities provider has also managed to futher reduce its non-revenue water (or water loss) to 12.2 percent from its September 2009 NRW level of 15.4 percent.

Manila Water’s concession area includes some parts of Quezon City and Makati, Taguig, Pateros, Marikina, Pasig, San Juan, Mandaluyong, south east part of Manila and Rizal province.