Manila Water Company Inc. said Wednesday net income in 2015 rose 2 percent to P5.9 billion from P5.81 billion in 2014 on slightly higher water volume.
The company said in a disclosure to the stock exchange revenues climbed 4 percent to P16.93 billion from P16.35 billion in 2014. Earnings before interest, taxes, depreciation, and amortization amounted to P 11.67 billion from P11.56 billion in 2014.
Manila Water said total billed volume across all units grew 2 percent to 687.9 million cubic meters from 671.3 mcm.
Billed volume in the East zone rose 3 percent from 449 mcm in 2014 to 461.4 mcm last year.
Boracy Water’s billed volume also grew 8 percent to 4.3 mcm from 4 mcm in 2014 year, while Laguna Water’s billed volume increased 14 percent to 36.2 mcm from 31.8 mcm in 2014.
Clark Water’s billed volume climbed 10 percent to 12.8 mcm last year from 11.6 mcm in 2014, while that of Cebu Manila Water Development reached 8.1 mcm.
The company’s Kenh Dong Water in Vietnam reported that billed volume reached 55.1 mcm from 55.2 mcm, while that of other unit in Vietnam, Thu Duc Water, decreased 8 percent to 110 mcm from 119.7 mcm in 2014.
Manila Water said service connections in the East zone increased 3 percent to 976,321 from 949,230 in 2014.
Service connections in Boracay Island Water rose 4 percent to 6,379 from 6,125, while those of Clark Water remained at 1,978.
The company said service connections in Laguna Water junmped 19 percent to 107,263 from 90,016.
Manila Water, a unit of conglomerate Ayala Corp., is the east zone concessionaire of the Metropolitan Waterworks and Sewerage System that provides water and wastewater services to over 6.2 million residents of eastern Metro Manila and Rizal province.
Manila Water last year secured a 40-billion yen (P15.7 billion), seven year-term loan from three Japanese banks to finance the construction of sewerage treatment plants and rehabilitation of sewer lines.
Manila Water said it obtained the loan from The Bank of Tokyo-Mitsubishi UFJ Ltd., Mizuho Bank Ltd. and Sumitomo Mitsui Banking Corp.
Manila Water said the loan was the single largest capital raising activity of Manila Water following the approval of the company’s rate rebasing business plan in April this year.
The loan is also the longest-tenured non-guaranteed yen facility extended by Japanese banks to a Philippine corporation.
“This transaction signifies the strong support by the banking industry to the company,” Manila Water said.
The company said it would use proceeds of the term loan facility to partly finance capital expenditures, including the construction of treatment plants and rehabilitation of sewer lines.
Manila Water said the loan would also facilitate the development of new water sources and the rehabilitation of water treatment plants and distribution networks to ensure reliability during natural disasters.
