Mla Water posts 28% income hike

MANILA, Philippines - Manila Water has reported a 28 percent year-on-year increase in its net income to P5.44 billion for 2012 on higher billed volume.

In a financial statement filed at the local bourse, the company said its revenues grew 21 percent to P14.55 billion, while its core income rose 27 percent to P5.72 billion.

The company’s total billed volume for 2012 was placed at 579.4 million cubic meters, up by 39 percent year-on-year.

The East zone concession area, which is the company’s main income source, accounted for 427.3 million cubic meters of the billed volume, up four percent from the previous year.

The firm’s earning before interests, taxes, depreciation and amortization (EBITDA), rose 29 percent to P10.54 billion.

Other concessions that contributed to the company’s billed volume are its subsidiaries Laguna Water Co., Boracay Island Water Co. and Clark Water Corp. The company last year acquired the Thu Duc Water Boo Corp. in Vietnam.

The East zone concession area covers the cities of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, parts of Quezon City, parts of Manila and towns in Rizal province.

As of end- 2012, the East Zone concession area had 896, 148 service connections comprising domestic, commercial and industrial customers, up five percent year-on-year.

In the fourth quarter of 2012, Manila Water installed 37, 120 new domestic service connections and 1, 047 commercial and industrial clients.

For 2012, the company’s operating expenses rose 22 percent to P4.38 billion as new connections were made.

Manila Water spokesman Jeric Sevilla earlier said that Laguna Water is set for expansion to corner the remaining 70 percent of the population in Laguna province who are still getting their water supply from other sources in the next couple of year.

It is also set to undergo sa rate rebasing but Sevilla said no schedule has been set yet.The allocation and detailed plan for the expansion has not yet been finalized.