|
By Euan Paulo C. Añonuevo, Reporter
MANILA Water Co. Inc. said its first-quarter
profit grew by double-digits on the back of higher revenues and
lower system losses.
In a statement, the Ayala-led utility said
profits grew by 22 percent to P625 million from the same three-month
period last year.
Revenues increased by 16 percent year on year
while its system losses, or non-revenue water, declined to 22.9
percent from 26.2 percent previously, as a result of its capital
spending in recent years.
For the past decade, Manila Water has spent P24
billion in capital investments in the East Zone concession of
state-run Metropolitan Waterworks and Sewerage System (MWSS)
covering the cities of Mandaluyong, San Juan, Marikina, Pasig,
Pateros, parts of the cities of Quezon, Manila and Makati, and of
Rizal province.
To sustain growth in the medium term, Manila
Water said it plans to spend another P37 billion in the next five
years under its recently approved service improvement plan.
The said plan, which regulators approved in
December, will involve an aggressive capital investment of roughly
P7 billion a year.
“Our strong performance for the first quarter
will ensure the successful execution of our investment initiatives,
to support our expansion plans in the East Zone,” Antonino T.
Aquino, Manila Water president, said.
The company plans to boost its sewerage coverage
and wastewater treatment facilities in the coming years, with new
plants to be put up in the cities of Taguig, Makati, Pasig and
Marikina, in an effort to help in the “protection and
revitalization” of Metro Manila’s water systems.
The company recently held groundbreaking
ceremonies for the construction of the Pinagsama Sewage Treatment
Plant in Taguig. The facility will cost P105 million and is
scheduled for completion next year.
The facility is among several multimillion-peso
plants Manila Water has lined up for Taguig to treat wastewater
discharged into the Laguna Lake. MWSS is eyeing the lake as a future
source of Metro Manila’s water supply.
Manila Water’s principal shareholders include
the Ayala Corp., United Utilities Pacific Holdings BV, Mitsubishi
Corp., BPI Capital Corp. and the International Finance Corp.
The water utility’s shares closed flat at P18
at the Philippine Stock Exchange.
|
