MANILA, Philippines - Ayala-led Manila Water Co., Inc. registered an eight percent growth in its net income in the first half of the year on higher billed volume across its concession areas.
In a regulatory filing, the East Zone water service concessionaire reported net earnings of P3.16 billion, up from the P2.91 billion registered in the same period last year.
Manila Water’s revenues for the period rose six percent to P8.11 billion from P7.63 billion in the same period last year.
It’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose five percent to P6.02 billion from P5.72 billion in the comparative period.
The total billed volume in the first six months of the year rose 16 percent to P331.1 million cubic meters (mcm) from 287 mcm in the same period last year. This includes the service areas run by its local subsidiaries Boracay Island Water, Clark Water and Laguna Water and its Vietnam units Thu Duc Water and Kenh Dong Water.
The number of water service connections in its domestic concession areas – Metro Manila East Zone, Boracay Island, Clark, and Laguna –rose three percent to 938,020 service connections in the first semester of the year from 910,772 service connections in the same period last year.
Manila Water president and CEO Gerardo Ablaza, Jr. earlier said the company is actively scouting for areas outside Metro Manila where it could gain water supply rights.
The company is searching for opportunities in locales with a population of half a million, an economically viable population for providing bulk water service.
The company is also amenable to taking on non-revenue water reduction projects in provinces that already have water service providers.
Boracay Water and Laguna Water also continue to expand service coverage in water and wastewater services.
In Vietnam, it operates Thu Duc Water and Kenh Dong Water.
Manila Water is also expanding its presence in Vietnam through the aquisition last year of a 31.47 percent stake in Vietnam’s Saigon Water Infrastructure Corporation (SII) by its wholly-owned subisidiary Manila Water South Asia Holdings Pte. Ltd. SII which would be a vehicle for developing other water ventures.
The company also continues to pursue expansion opportunities in Myanmar and Indonesia.