Profits of publicly listed Manila Water Co. were flat in the first quarter due to the absence of any significant expansion of its distribution network in the period.
Higher expenses also offset the company’s revenue gains during the period, the company said in a disclosure to the local bourse on Tuesday.
The company said its net income for the quarter reached P1.33 billion, slightly lower than the P1.34 billion booked in the same period last year. This was despite a 6-percent year-on-year rise in revenues to P3.64 billion from P3.42 billion in the first quarter of 2012. Other income also improved to P34 million from a loss of P2 million last year. This was offset by the 11-percent rise in revenues to P1.017 billion from P922 million.