Manila Water net income up 64% to P1.34B

MANILA, Philippines - East Zone concessionaire Manila Water Co. Inc., saw its net income rise 64 percent in the first quarter from a year ago amid higher revenues from its businesses.

The firm’s financial statement disclosed to the local bourse yesterday showed that its unaudited net income climbed to P1.34 billion in the first quarter of this year from P816 million in the same period last year.

The Ayala-led firm’s revenues went up 28 percent to P3.42 billion for the period from the previous year’s P2.67 billion.

Revenues from the East Zone business reached P3.26 billion, higher than the P2.61 billion a year ago.

The East zone encompasses parts of Manila, San Juan, Taguig, Pateros, Marikina, Pasig, Mandaluyong, Makati, most of Quezon City, and Antipolo, Taytay, Jala-Jala, Baras, Angono, San Mateo and Rodriguez in Rizal province.

Revenues from Manila Water’s new businesses in Laguna, Boracay and Clark meanwhile, surged to P164 million from P60 million last year.

The firm’s total billed water volume for the first three months of the year, meanwhile was up seven percent to 107.7 million cubic meter (mcm) compared to a year ago’s 100.5 mcm.

Billed water volume from the East Zone rose 4.2 percent to 103.1 mcm from the previous year, while the billed water volume of Laguna Water increased 60 percent to 1.6 mcm from a year ago.

Manila Water also saw increases in its billed water volume from Boracay and Clark.

Billed water volume of Boracay Water jumped 33 percent to 800,000 cm from last year, while Clark Water’s grew 15.8 percent to 2.2 mcm from the previous year.

The billed water volume of Thu Duc Water BOO Corp. which operates in Vietnam, however, declined nine percent to 30.3 mcm compared to a year ago.

Manila Water acquired a 49-percent interest in Thu Duc Water in December last year.

Earlier this month, Gerardo Ablaza, Jr., Manila Water president and chief executive officer said the company is pursuing the acquisition of a 49-percent stake in another Vietnamese firm, Kenh Dong Water Supply Joint Stock Co. and that he expects the deal to be closed within the second quarter.

Manila Water announced late last month that it was given the right to acquire a 49-percent stake in Kenh Dong.

Kenh Dong which was formed in 2003, is engaged in the building and operation of major water infrastructure in Ho Chi Minh City.

Ablaza said Manila Water plans to still expand its operations and is looking to invest in other projects in Vietnam and Indonesia.

He said the firm is also interested in finding projects in the Philippines that are outside of Metro Manila.