Manila Water nine-month earnings up 39%

East zone concessionaire Manila Water Company Inc. saw a 39% growth in its net income for the first nine months of the year, as revenues climbed by double-digit with higher contributions from businesses outside Metro Manila.

In a regulatory filing, Manila Water said its net income jumped to P10.1 billion as consolidated revenues increased by 19% to P27.5 billion. Revenues from the east zone concession area rose 20% to P21.8 billion, while higher contributions were seen in Laguna, Clark, and Boracay, and the Estate Water business.

The cost of services and expenses for the period, meanwhile, increased by 4% to P8.8 billion, on the back of the addition of new facilities towards service improvement and expansion.

“When we set out on our path to recovery and growth three years ago, we knew fully well that the road ahead would not be easy,” Manila Water president and chief executive officer Jocot de Dios said.

“We understood that sacrifices would need to be made at the onset, so that we can establish a robust structure and adopt practices that will result in sustainable efficiencies in our operations, better more reliable service to our customers, and a more disciplined view of how we pursue growth. I am happy that our hard work is now paying off, and even more excited to see what lies ahead,” he added.

Manila Water’s East Zone water distribution and sewerage services spans the cities of Makati, Mandaluyong, Pasig, Pateros, San Juan, Taguig, Marikina, most parts of Quezon City, portions of Manila; as well as the towns Angono, Antipolo, Baras, Binangonan, Cainta, Cardona, Jala-Jala, Morong, Pililia, Rodriguez, San Mateo, Tanay, Taytay, and Teresa in Rizal province.

—VAL, GMA Integrated News