Manila Water Company Inc., the concessionaire in Metro Manila’s east zone, said Friday net income grew 1 percent in the first nine months, on the back of a 4-percent growth in revenues.
Manila Water said in a disclosure to the stock exchange net income in the January-September period reached P4.60 billion, up from P4.54 billion recorded in the same period last year.
The company said revenues grew 4 percent in the nine-month period to P12.69 billion from P12.20 billion a year earlier.
Manila Water’s earnings before interest, taxes, depreciation and amortization slightly improved to P8.8 billion from P8.75 billion in 2014.
Total billed volume in all units grew 2 percent to 515.3 million cubic meters from 503.8 million mcm last year year.
Manila Water said billed volume in the east zone increased 2 percent from 337.6 mcm in 2014 to 346 mcm this year.
Clark Water’s billed volume climbed 13 percent from 8.6 mcm last year to 9.7 mcm this year while Laguna Water’s billed volume surged 16 percent to 27 mcm from 23.2 mcm.
Cebu Manila Water Development’s billed volume reached 5.8 mcm while Boracay Island Water’s billed volume grew 7 percent to 3.3 mcm from 3 mcm.
Water volume at the company’s Kenh Dong Water in Vietnam also slightly grew 2 percent to 41.8 mcm from 41.1 mcm while its other unit in Vietnam, Thu Duc Water’s billed volume dropped 9 percent to 81.8 mcm from 90.3 mcm last year.
Manila Water’s service connections in its east zone increased 3 percent to 970,012 connections from 943,624 connections in 2014.
Service connections in Boracay Island Water grew 5 percent to 6,353 from 6,073 while Laguna Water’s connections rose 13 percent to 98,352 from 87,193.
Connections in Clark Water dropped 2 percent to 1,955 connections from 1,987.
Manila Water is the east zone concessionaire of the Metropolitan Waterworks and Sewerage System that provides water and wastewater services to more than 6.2 million residents of eastern Metro Manila and Rizal province.
The company said in a separate disclosure to the stock exchange wholly-owned subsidiary in Singapore, Manila Water Asia Pacific Pte. Ltd., signed a memorandum of understanding with PDAM Bandung, a water utility company owned and controlled by the regional government of Bandung City in Indonesia.
Manila Water said under the agreement, MWAP will conduct a demonstration project for non-revenue water reduction in Bandung City.