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By Euan Paulo C. Añonuevo, Reporter
MANILA Water Company Inc. said
its profit inched up last year on higher billed volumes as the
company reaped the benefits of its capital investments in recent
years.
In a statement, the Ayala-led
water distribution utility said it posted a P2.409-billion net
income in 2007, slightly up from P2.394 billion in 2006.
Manila Water, which operates the
East Zone concession of the Metropolitan Waterworks and Sewerage
System, services the water needs of the eastern part of the cities
of Quezon, Mandaluyong, San Juan, Marikina, Pasig, Pateros, parts of
Manila and Makati as well as of Rizal and Bulacan provinces.
Antonino T. Aquino, Manila Water
president, attributed the earnings increase to its “aggressive
capital investments over the past years, leading to significant
improvements in billed volume and operational efficiencies.”
“We sustained our high level of
capital expenditures and concession fees of around P 4.7 billion in
2007, which thus brings our total investment in East Zone to around
P 28 billion to date,” he added.
The company’s financial report
for the year showed its revenues rose by 15.3 percent to P7.826
billion in 2007 from P6.785 in the previous year.
The company’s cost and expenses
rose to P4.610 billion last year from the P4.559 billion in 2006,
with payments of P808 million in income taxes as its tax perks
expired.
Aquino said the company will
raise its capital investments with a P187 billion service
improvement spread over 15 years, P37 billion which will be spent
within the next five years alone.
This plan aims to ensure 24-hour
water supply to customers, mitigate the effects of natural
calamities, expand water and wastewater services to more areas in
its concession and ensure that sufficient water supply is available
to meet the demands of an increasing population coverage,
particularly in Taguig, parts of Rizal and some parts of Bulacan
where it earlier bagged a water supply delivery project.
Manila Water’s shares closed
lower Thursday at P17.75 from P18 in the previous trading day.
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