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Provincial operations help boost Manila Water Q1 income

Rappler.com
The Ayala-owned water distributor says both its Metro Manila and provincial operations grew -- the latter by triple digits

MANILA, Philippines – Ayala-owned Manila Water Co. Inc. has posted a 64% jump in first-quarter earnings, thanks to higher revenues from its Metro Manila operations and new businesses.

In a disclosure to the Philippine Stock Exchange on Tuesday, May 8, Manila Water said its net income in January to March this year rose to P1.34 billion from P816 million last year.

Revenues went up 28% to P3.42 billion from P2.67 billion as its total billed volume grew 7.2% to 107.7 million cubic meters (mcm) from 100.5 mcm.

Manila Water said revenues from its east zone Metro Manila concession grew 22%, while those coming from new businesses in the provinces surged 173%.

The company distributes water in Laguna, Boracay and Clark in Pampanga. All three operations enjoyed double-digit growths in billed volume at 60%, 33.3% and 15.8%, respectively. – Rappler.com