Manila Water profit rises 15% to P8 billion

MANILA, Philippines — Razon-led Manila Water Co. Inc. pumped higher earnings from January to June, driven by strong revenues from its operations in Metro Manila and other parts of the country.

Manila Water, which serves the east zone of Metro Manila, posted a net income of P8 billion in the first six months, up by 15 percent from P6.9 billion in the same period last year.

Operating revenues also increased, closing the first half nine percent higher at P20 billion from P18.4 billion on a higher average tariff that partially offset the decline in billed volume.

For the east zone concession, revenues grew by 11 percent year-on-year to P16 billion, thanks to the implementation of the third tranche of the approved rate rebasing tariff adjustment.

This followed the approval by the Metropolitan Waterworks and Sewerage System regulatory office of a P5.95 per-cubic-meter increase for Manila Water at the start of the year.

Beyond the east zone concession, the water utility earned P852 million, higher by 12 percent year-on-year on the back of robust results from key business units.

Clark Water, Boracay Water, Cebu Water and Estate Water were the growth drivers outside Metro Manila.

Equity share from Manila Water International’s earnings likewise improved, gaining P46 million following a 15-percent growth.

Aside from the Philippines, Manila Water is also present in Vietnam, Thailand, Indonesia and Saudi Arabia.

Moving forward, Manila Water president and CEO Jocot de Dios expects the company’s recent acquisition of Wawa JVCo, developer of the Wawa Bulk Water Supply Project, to boost its growth prospects.