Manila Water Co Inc. reported Tuesday a core net income P6.5 billion in 2017, up 7 from P6.06 billion in 2016, driven by increase billed volume and more service connections
Manila Water said in a disclosure to the stock exchange consolidated revenues rose 5 percent to P17.7 billion as billed volume climbed 3 percent to 741.1 million cubic meters from 720.4 million mcm in 2016.
Billed volume in the east zone of Metro Manila inched up 2 percent to 488.4 mcm amid an expansion. Manila Water was serving 6.5 million households in the east zone of Metro Manila as of end 2017.
Other subsidiaries within the Philippines, consisting of operations in Boracay, Cebu, Clark, Laguna and Estate Water, meanwhile, posted double digit growth in billed volume.
“We are proud of out ability to register solid core income growth in 2017 as it highlights the strength of our business and our people,” Manila Water president and chief executive Ferdz dela Cruz said.
“Building on this foundation, we continue to build our business and expand our market reach, both domestically and in the region. Our organization is now geared up for growth and we are very excited to take on the opportunities that lie ahead,” dela Cruz added.
Manila Water in 2017 spent P13 billion in capital expenditures, up 48 percent from the previous year’s level, as the company intensified its infrastructure build-up in preparation for future growth.
Early this month, Manila Water expanded its footprint in Thailand as part of a strategy to expand its presence in Southeast Asia.
Manila Water signed a share purchase agreement to acquire the 18.72-percent equity of Electricity Generating Public Company Ltd. in Eastern Water Resources Development and Management Public Company Ltd. (East Water).
Jenniffer B. Austria
East Water provides raw and tap water supply services in the eastern region of Thailand, the country’s main industrial area and home to several heavy industries, including automotive, electronics and petrochemicals.
It currently provides raw water to three provinces, holds concession contracts to operate in 11 different locations and provides water services to several industrial estates.
Share price of Manila Water on Tuesday gained 2.4 percent to P27.90.