Manila Water posts lower earnings

MANILA, Philippines - Ayala-led and east zone concessionaire Manila Water Co. Inc. reported a slight drop in profit in the first quarter despite growth in billing volume in most of its concession areas.

In a regulatory filing, the company said it chalked up a net income of P1.45 billion, down from P1.48 billion in 2016.

Total revenues went up three percent to P4.4 billion while EBITDA  (earnings before interest, taxes, depreciation and amortization) was flat at P2.9 billion.

Billed volume rose three percent across all units — except for Kenh Dong Water which registered a four percent decline to 14.1 million cubic meters (mcm).

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 unit Thu Duc Water.

Billed volume in its Metro Manila concession area inched up by a minimal one percent to 116 mcm.

Boracay Water and Cebu Water, meanwhile, saw billed volume rise six percent.

Billed volume in Clark Water grew 41 percent, Laguna Water (22 percent) and Thu Duc Water (three percent).

The number of service connections of Laguna Water increased 14 percent while  those of Boracay Water and Clark Water went up two percent and one percent, respectively.

Total water service connections in the East Zone rose three percent to 940,000.

The East Zone which encompasses parts of Makati, Mandaluyong, Pasig, Pateros, San Juan, Taguig, Marikina, most parts of Quezon City, portions of Manila, as well as several towns in Rizal.

It operates three other subsidiaries – the Laguna AAA Water Corp., Boracay Island Water Corp. and Clark Water Corp.