Listed water utility Manila Water Co. Inc. (Manila Water) reported an 8 percent rise in net profit for the first half, driven by a double-digit increase in billed volume to its concessions.
The Ayala Corp.-controlled unit said net income rose to P3.158 billion in the first six months of the year compared to P2.911 billion a year ago as total billed volume to its concessions grew 16 percent to 333.1 million cubic meters (mcm) from 287 mcm last year.
EBITDA went up 5 percent to P6 billion from P5.719 billion last year while revenue rose 6 percent to P8.113 billion from P7.632 billion.
Manila Water’s subsidiaries include the East Zone (Metro Manila and Rizal), Boracay Island Water Co., Clark Water Corp., Laguna AAA Water Corp., Thu Duc Water BOO Corp., and Kenh Dong Water Supply Joint Stock Co.
The Ayala-led water utility holds a 49 percent stake in Thu Duc Water and 47.35 percent in Kenh Dong Water, both in Vietnam.
The company said service connections also increased in the first half, with East Zone connections up 3 percent to 938,020 households from 910,772 a year ago; Boracay up 5 percent to 5,885 from 5,580; Clark up 2 percent to 1,971 from 1,932; and Laguna up 62 percent to 81,813 from 50,413.
Manila Water was incorporated and entered into a concession agreement with Metropolitan Waterworks and Sewerage System (MWSS) in 1997. The agreement was renewed in 2009, stretching it another 15 years to 2022.
The concession agreement granted Manila Water the use of land and operational assets of MWSS, as well as to distribute and service water to the East Zone comprising Manila, San Juan, Taguig, Pateros, Antipolo, Taytay, Jala-Jala, Baras, Angono, San Mateo, Rodriquez, Marikina, Pasig, Mandaluyong, Makati and most of Quezon City.