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Thursday, November 13, 2014

Growth in Metro Manila leads increase in Manila Water's nine-month income

Higher billed volumes at its Metro Manila concession pushed up Manila Water Co Inc's earnings in the first nine months of the year.

In a financial report, Manila Water said its net income increased by 7 percent to P4.6 billion in the January to September period from P4.3 billion in the same nine months of last year.

The increase was driven largely by operating revenues growing by about the same level to P12.2 billion from P11.5 billion in 2013.

The bulk of Manila Water's operating revenues comprises water bills, which account for 79 percent of the total. The rest comes from environmental and sewer charges, connection fees, and management contracts.

The improved operating revenue was brought about by a 3.5 percent growth in the billed volume at the east zone concession of state-run Metropolitan Waterworks and Sewerage System.

The Ayala-led company derived 88 percent of its earnings from the MWSS concession.

Besides growth from its Metro Manila and Rizal operations, contribution from the utility's other domestic subsidiaries rose 48 percent year-on-year to P1 billion.

Likewise, Manila Water's subsidiaries in Vietnam --Thu Duc Water and Kenh Dong Water, together with Saigon Water Infrastructure -- contributed P263 million in earnings, up 27 percent from the previous year.

Manila Water aims to spend P5 billion this year for the rehabilitation and construction of facilities to improve water and sewer services in its MWSS concession area.

- Interaksyon

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