Manila Water Company Inc. said Monday net income increased 6 percent in 2018 to P6.5 billion from a year ago, bolstered by the approval of positive tariff adjustment.
Manila Water said billed water volume grew 4 percent last year, with the Manila concession leading the way with a 3-percent increase from the previous year.
It said the new international acquisitions of East Water in Thailand and PT Sarana Tirta Ungaran in Indonesia strengthened the billed volume base by more than 320 million cubic meters, enabling consolidated billed volume to breach the 1-billion-cubic-meter threshold.
Manila Water said 2018 marked a significant milestone with the positive conclusion to its rate rebasing exercise with the Metropolitan Water and Sewerage System. Manila Water secured a positive tariff adjustment of nearly 25 percent on the current basic tariff for the prevailing rate rebasing period.
The first tranche of the adjustment was implemented in October last year, with a P1.46 increase per cubic meter. Subsequent adjustments were also programmed for 2020 and 2021.
