Manila Water posts 61% rise in earnings

WATER concessionaire Manila Water Co. Inc. on Monday reported that nine-month net income had increased by 61 percent to P7.26 billion from P4.52 billion a year earlier.

Revenues for the period rose by 39 percent to P23.14 billion from P16.65 billion.

In the third quarter alone, net income rose to P2.2 billion, up 38 percent from the year-earlier P1.6 billion.

The revenue growth was said to be mainly due to a 37-percent increase in average tariff, 4 percent billed volume growth across all segments, and higher cross-border charges.

Capital expenditures decreased by 18 percent to P11.10 billion for the period, with P9.50 billion, or 86 percent, of the amount accounted for by the East Zone concession.

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Most of the East Zone allotment was spent on wastewater expansion, network reliability and water supply projects in line with attaining service obligations.

Manila Water’s share price rose by 30 centavos to P17.40 on Monday.