Manila Water income doubles

MANILA, Philippines — Razon-led Manila Water Co. Inc. more than doubled its net earnings in the first quarter on the back of higher demand from its customers.

Manila Water’s net income soared 108 percent to P2.286 billion from January to March this year, the company disclosed to the Philippine Stock Exchange yesterday.

Consolidated revenues jumped by  44 percent to P7.38 billion, 71 percent of which came from the sale of water and the balance from environmental and sewer charges.

Total billed volume rose  24 percent to 325.28 million cubic meters (mcm) from 263.3 mcm in the previous year.

In the East Zone concession, Manila Water saw a 32 percent increase in average tariff, six percent rise in billed volume growth across all segments, and higher cross border charges at the parent.

Outside the East Zone, revenues were supported by tariff increases in several business units and three percent increase in billed volume, with further support from integrated used water and pipelaying projects revenues of Manila Water Infratech Solutions Corp. as well as higher sewer revenues mainly from Laguna Water and Estate Water.

Manila Water Philippine Ventures (MWPV) saw a two percent improvement in registered total billed volume to 36.5 mcm from 35.7 mcm.

On the other hand, Manila Water Asia Pacific (MWAP) — which houses its international investments in the region — registered a 49 percent rise in billed volume to 164 mcm from 110.1 mcm.

In terms of total billed connections, Manila Water reported a four percent rise to 1.303 million water service connections from 1.255 million WSCs.

The east zone concession reached 1.069 million connections, up three percent, while that of MWPV increased six percent to 233,536 WSCs.

Manila Water serves the East Zone of the Greater Manila Area, covering parts of Makati, Mandaluyong, Pasig, Pateros, San Juan, Taguig, Marikina, most parts of Quezon City, portions of Manila, as well as several towns in Rizal.