Higher expenses weigh on Manila Water Q3

MANILA WATER Co., Inc. posted flat earnings in the first nine months of the year, as expenses rose at a faster pace than revenues.

In a disclosure to the stock exchange on Wednesday, the Ayala-led water utility said its net income inched up to P4.89 billion from January to September this year compared to P4.87 billion a year ago.

Weighing on profitability was the 11% growth in cost of sales and operating expenses to P4.9 billion from P4.41 billion.

Revenues of Metro Manila’s West Zone water concessionaire climbed 3% year on year to P13.79 billion in the ninemonth period from P13.35 billion.

The growth during the period was fueled by a 3% increase in consolidated billed volume to 554.4 million cubic meters (mcm) from 539.8 mcm, driven by the 2% uptick in the Manila concession to 366.6 mcm.

Thu Duc Water B.O.O. Corp. in Vietnam and Kenh Dong Water registered flat billed volumes at 82.6 mcm and 42.9 mcm, respectively.

Shares in Manila Water shed 1.45% to P30.55 apiece on Wednesday. —