Manila Water profit expands to P1.7 billion

MANILA, Philippines — East zone concessionaire Manila Water Co. Inc. posted a double-digit growth in net income to P1.7 billion in the first quarter, driven by the expansion of its operations outside its Manila concession.

The earnings for January to March represented an increase of 17 percent from the same period a year ago.

Total revenues went up eight percent to P4.7 billion, while earnings before interest, taxes, depreciation and amortization inched up five percent to P3.1 billion.

Other income grew by 69 percent to P153 million driven by the higher equity stake in net income of associates, while the contribution of international subsidiaries increased by 26 percent following the recent acquisitions in Thailand and Indonesia.

Total billed volume rose three percent to 181.7 million cubic meters (mcm) across all units driven by the strong top-line of the Manila concession and expansion of its domestic operating subsidiaries.

Billed volume in its Metro Manila concession area grew four percent to 120.3 mcm following increase in billed connections to nearly 970,000 and an uptake in per capita consumption.