Manila Water profit rose 31% to P2.63B in first half

Manila Water Co. Inc. disclosed Wednesday that its net income for the first half jumped 31 percent to P2.63 billion from a little more than P2 billion a year ago.

The Ayala-led water company said in a disclosure to the Philippine Stock Exchange that revenues grew 24 percent to P7.2 billion from P5.8 billion while operating expenses surged 43 percent to P2.1 billion from P1.5 billion.

Earnings before interest, taxes, depreciation and amortization (Ebitda) rose 17 percent to P5 billion from P4.3 billion but Ebitda margin dropped 4 percentage points to 70 percent from 74 percent.

Core income after tax rose 30 percent to P2.8 billion from P2.1 billion in the same period last year.

In May, Manila Water reported that its unaudited net income surged 64 percent to P1.34 billion in the first quarter of 2012 from P816 million in the comparable period last year. Revenues grew 28 percent to P3.42 billion from P2.67 billion.

In terms of billed volume, Manila Water distributed 36 percent more water to 282 million cubic meters (mcm) from 207.5 mcm last year. The East Zone of Metro Manila used up 4-percent more water at 211.5 mcm from 204.1 mcm.

Laguna Water Co. distributed 54 percent more water at 3.4 mcm from 2.2 mcm. The Manila Water subsidiary serves the municipalities of Biñan and Cabuyao and the city of Sta. Rosa in Laguna province. Another unit, Clark Water, is the water and wastewater concessionaire at the Clark free port in Angeles, Pampanga.

Manila Water also owns Boracay Island Water Co., which billed 29 percent more water at 1.6 mcm from 1.2 mcm.

Recently acquired Thu Duc Water of Vietnam, the bulk water supplier to several key districts in Ho Chi Minh City, dropped 6 percent to 61.1 mcm from 65.2 mcm.