Manila Water Company Inc. said Thursday net income grew 2 percent in 2016 from a year ago, on higher water sales.
Manila Water said in a disclosure to the stock exchange net income hit P6.06 billion last year, up from P5.95 billion in 2015, as revenues rose 5 percent to P17.7 billion from P16.9 billion.
Earnings before interest, taxes, depreciation and amortization grew 3 percent to P11.9 billion in 2016 from P11.7 billion in 2015.
Manila Water said total billed volume increased 5 percent to 719.3 million cubic meters from 687.8 mcm a year ago. Billed volume in its Manila concession area increased 4 percent to 478.9 mcm from 346.1 mcm.
The company said Boracay Water’s billed volume increased 14 percent to 4.9 mcm from 4.3 mcm in the same period last year.
Cebu Water’s billed volume rose 43 percent to 11.6 mcm from 8.1 mcm in 2015, while Clark Water’s billed volume also went up 5 percent to 13.4 mcm from 12.8 mcm.
Laguna Water’s billed volume grew 18 percent from 36.2mcm in 2015 to 42.6 mcm last year.
Manila Water said unit Kenh Dong Water in Vietnam reported a total billed volume of 57.6 mcm, or 5 percent higher than 55.1 mcm in 2015.
The company said its other unit in Vietnam, Thu Duc Water’s water billed volume was unchanged at 110 mcm.
Manila Water currently provides water and wastewater services to over 6.2 million residents of eastern Metro Manila and Rizal province.
The company earlier said it planned to provide water services to industrial parks in Southeast Asian countries. Manila Water said this would enable the company double its earnings by 2020.