Manila Water posts P6.9B profit in Jan-June

INQUIRER FILE PHOTO

Razon Group-led Manila Water Co. Inc. recorded robust earnings in the first half on the back of higher tariffs and continued strength in water usage.

In a statement Thursday, the company said its net income climbed 37 percent to P6.9 billion against last year’s P5 billion.

Manila Water said the tariff adjustments for its East Zone concession and several of its Non-East Zone Philippines (NEZ PH) businesses gave “solid topline support to the continued growth in customer demand.”

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Cash flow as measured by earnings before interest, taxes, depreciation and amortization also improved by 26 percent to P12.7 billion.

Its said revenues jumped 19 percent to P18.4 billion.

In a disclosure, the company reported that its billed volume in the period had gone up by 2 percent to 263.4 million cubic meters.

Cost of services and expenses rose by 4 percent to ₱5.9 billion as the group financed new facilities for expansion and service improvement.

Capital spending reached P10.1 billion, the firm said.

“Our performance results are a clear indication of the resurgence in economic activity being experienced in the different areas we operate. Against this backdrop of potential growth opportunities, both in the communities we currently serve, and in the markets which we look to enter, it becomes even more important that we are efficient in our operations and effective in our project execution,” said Manila Water president and chief executive officer Jocot de Dios.