Manila Water earnings dry up in H1

MANILA, Philippines - Ayala-led Manila water Co. Inc. reported a four percent decrease in net income in the first half to P3.04 billion owing to higher expenses.  

Manila Water’s revenue, however, went up by four percent to P8.45 billion.

Its earnings before interest, taxes, depreciation and amortization (EBITDA) fell three percent to P5.83 billion.

The company saw its total billed volume rise by two percent to 340 million cubic meters (mcm) from 333.1 mcm. The billed volume in its East Zone concession area went up by two percent to 227.9 mcm from 223.3 mcm while the billed volume of its unit Boracay Island Water rose by seven percent to 2.2 mcm.

The billed volume of Laguna Water and Clark Water rose significantly in the first semester, growing by 19 percent and 26 percent, respectively.

On the other hand, its Vietnam units Thu Duc Water and Kenh Dong Water saw a 10 percent increase and two percent drop in their billed volumes, respectively.

Manila Water’s total domestic water service connections improved by three percent to 962,490.  This covers the East Zone concession area, Boracay Island Water, Clark Water, and Laguna Water.

The company is looking at expanding its operations in around 15 cities in the country to increase its revenue base.

Manila Water president Gerry Ablaza Jr.  said the company would be lessening its dependence on the East Zone concession area by maximizing the potential of its existing business operations outside of the metro, engaging provincial water districts in the optimization of their operations, and engaging in value-added businesses.

The consortium of Manila Water and iWater was recently awarded the Tagum City Bulk Water Supply Project, a 15-year water supply agreement with the Tagum City Water District.