Manila Water Co. Inc has booked flat net income and earnings in the first three months of the year of P1.434 billion from P1.431 billion for the same period last year because of almost even billings from customers.
In a disclosure to the stock exchange, Manila Water revenues were also flat, only increasing by 5 percent to P4.026 billion from P3.827 billion from a year ago.
Its total billed volume hardly moved, inching up by 2 percent to 163.1 million cubic meters (mcm) from 160.4 mcm last year, bulk of which came from its East Zone concession amounting to 108.1 mcm from 106.5 mcm in 2013.
Water service connections improved in the first quarter, except its Clark connections that decreased by 2 percent to 1,933 households from 1,977 households a year ago.
Service connections that increased were the East Zone connections that went up 3 percent to 955,746 households from 928,224 a year ago; Boracay up 7 percent to 6,186 from 5,762; and Laguna up 32 percent to 81,813 from 50,413.
Manila Water was incorporated when it 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 — which comprised of Manila, San Juan, Taguig, Pateros, Antipolo, Taytay, Jala-Jala, Baras, Angono, San Mateo, Rodriquez, Marikina, Pasig, Mandaluyong, Makati and most of Quezon City.
Other than East Zone, Manila Water supplies water to Laguna, Boracay, Clark, and some areas in Vietnam.