Manila Water profit rises by 3%

Manila Water Co. Inc. racked up a net income of P3.14 billion in the first semester of 2016, increasing 3 percent year-on-year from P3.04 billion, based on unaudited performance results.

Data from Manila Water show that revenue went up by 4 percent year-on-year to P8.77 billion from P8.45 billion.

Operating profitability improved similarly as Ebitda (earnings before interest, tax, depreciation and amortization) rose 4 percent year-on-year to P6.08 billion from P5.83 billion.

In the first six months of the year, Manila Water saw increased deliveries in six business—including its flagship service. However, overseas business—Thu Duc Water in Vietnam—showed a one-percent decrease.

The company’s main business, which is the East Zone concession with the Metropolitan Waterworks and Sewerage System, chalked up a 5-percent rise in delivery to reach 239 million cubic meters (mcm).

Manila Water’s other businesses include Boracay Water (with delivery up 12 percent), Cebu Water (up 40 percent), Clark Water (up 2 percent), Laguna Water (up 8 percent), and Kenh Dong Water in Vietnam (up 4 percent).

In total, water delivered in the entire semester increased by 4 percent to 355.2 mcm from 340 mcm.