Manila Water posts P2.63-billion net income in H1

MANILA, Philippines - East Zone water concessionaire Manila Water Co. Inc posted a net income of P2.63 billion in the first half of the year, up 31 percent from P2 billion in the same period in 2011.

In a disclosure to the local bourse, Manila Water reported that it revenues for the first six months of the year rose 24 percent to P7.19 billion from P5.8 billion in the same period last year.

The volume of billed water rose 36 percent to 282 million cubic meters (mcc) in the first semester of this year from 207.5 mcc in the first half of last year.

A large portion of the water billings came from the East Zone concession of the Metropolitan Waterworks and Sewerage System (MWSS) which was placed at 211.5 mcc, up four percent from 204.1 million cubic meters last year.

Smaller concessions posted significant growth in the first half. Laguna Water billings rose 54 percent to 3.4 mcc from 2.2 mcc last year. Boracay Water billings rose 29 percent to 1.6 mcc from the previous 1.2 mcc.

The addition of Clark Water and Thu Duc water lines also contributed greatly to the total water billings. Total billed volume for Clark Water reached 4.4 mcc while the Thu Duc line billed volume reached 61.1 mcc.

Manila Water acquired Clark Water in November 2011 and Thu Duc Water in December 2011.

Manila Water provides water and wastewater services to the following areas: Mandaluyong, Pasig, San Juan, Marikina, Pateros, Taguig, Makati, southeastern part of Quezon City, San Andres and Sta. Ana in Manila, as well as several towns of Rizal province which include San Mateo, Rodriguez, Antipolo, Cainta, Angono, Baras, Binangonan and Jalajala.