Higher billings pump up Mla Water’s 2016 earnings

MANILA, Philippines - East Zone water concessionaire Manila Water Co. Inc. registered a two-percent increase in net income in 2016 as most of its concession areas registered growth in billing volume.

Based on financial results submitted to the local bourse yesterday, the company said it raked in a net income of P6.07 billion last year, up from P5.97 billion in 2015.

Total revenues grew five percent last year to P17.71 billion from P16.94 billion in 2015. Earnings before interest, taxes, depreciation and amortization rose three percent to P11.97 billion from P11.67 billion.

Billed volume rose five percent across all its units — except for Thu Duc Water which registered zero growth — to 719.3 million cubic meters (mcm) from 687.8 mcm in 2015.

These include the service areas run by its local subsidiaries Boracay Island Water, Clark Water, Cebu Water and Laguna Water as well as its Vietnam units Thu Duc Water and Kenh Dong Water.

Billed volume in its Metro Manila concession area rose four percent to 478 mcm from 687.8 mcm in 2015.

Billed volume for Boracay Water rose 14 percent; Cebu Water, 43 percent, Clark Water, five percent; Laguna Water, 18 percent and Kenh Dong Water, five percent.

Estate Water, the provider of water services of all Ayala Land developments nationwide, registered a billing volume of 21 mcm in 2016.

The number of service connections of Laguna Water rose a steep 47 percent, those of Boracay Water by eight percent, and those of Clark Water by two percent.

Total water service connections in the East Zone rose three percent in 2016 to 1.01 million connections from 976,321 connections in 2015.

Connections for Laguna Water rose 20 percent to 128,734 in 2016 from 107,263 in 2015.

Service connections for Boracay Water and Clark Water both grew two percent to 6,501 connections and 1,994 connections, respectively.

The company derives most of its income from its Metro Manila East Zone concession area that covers parts of Quezon City and Makati, the southeastern parts of Manila, Taguig, Pateros, Marikina, Pasig, San Juan, Mandaluyong and Rizal province.