Manila Water posts modest growth in H1

MANILA, Philippines—The Ayala-led Manila Water Company, Inc. disclosed on Wednesday that it recorded a 2 percent income growth in the first half of 2011 as revenue grew six percent.

In a disclosure to the Philippine Stock Exchange, Manila Water said it generated P2 billion in income in the first six months of 2011 compared with P1.97 billion in the same period in 2010.

Revenue reached P5.8 billion in the January-June period from P5.48 billion in the same period in 2010.

The water service provider reported a 5 percent increase in total service connections in the East Zone to 836,000 from about 800,000.

Non-revenue water, or water losses, lessened in its East Zone network in Metro Manila to 11.5 percent in the first half from 13.5 percent in the same period in 2010.

Earlier, Manila Water said it aimed to further increase the reliability and efficiency of the East Zone water network.