Manila Water reports double-digit rise in 1st quarter income, sales

Manila Water Co. Inc. Tuesday reported double-digit increases in sales and income for the first quarter of 2012 from that of a year ago while its client base grew.

The Ayala-led company said in its unaudited first quarter report to the Philippine Stock Exchange that its net income surged 64 percent to P1.34 billion in the first quarter of 2012 from P816 million in the same period last year.

Revenue grew 28 percent to P3.42 billion from P2.67 billion.

Of the total, its concession in the East Zone of Metro Manila and surrounding suburbs contributed P3.26 billion (up 22 percent) while new businesses accounted for P164 million (up 173 percent).

Manila Water also reported that its client base reached 908,797—up 6 percent from 853,828. In the East Zone, the company reported 869,926 connections from 826,391. Laguna Water had 32,037 connections from 21,123; Boracay Water had 4,944 from 4,481; and newly acquired Clark Water had 1,890 from 1,833.

In terms of billed volume, the company distributed 107.7 million cubic meters (mcm) of water in the first quarter of 2012, up 7.1 percent from the first quarter of 2011.

Laguna Water serves the municipalities of Biñan, Cabuyao, and the City of Sta. Rosa in Laguna province. Clark Water is the water and wastewater concessionaire of the Clark Freeport Zone in Angeles, Pampanga.

Recently, Manila Water acquired a 49-percent stake in Thu Duc Water, which is the bulk water supplier to several key districts in Ho Chi Minh City in Vietnam.

For the full year, Manila Water is set to spend up to P11 billion for expansion—more than the P9.2 billion in capital expenditures reported in 2011. Riza T. Olchondra