Mla Water profit up 10% to P3.5 B

Ayala-led Manila Water Co. Inc. grew its first half earnings by 10 percent to P3.55 billion, driven by its Manila concession and international subsidiaries.

In a regulatory filing, the company said total revenues went up eight percent to P9.6 billion, while earnings before interest, taxes, depreciation and amortization rose six percent to P6.5 billion amid higher billed volume and additional service connections.

Recent acquisitions in Thailand and Indonesia, along with existing operations in Vietnam, yielded notable gains, with income contribution of international subsidiaries growing by 86 percent from the previous year.

“We are pleased with the fresh growth trends happening in the original Manila East Zone concession due to redevelopment, rising affluence in the metropolis, as well as finally supplying the other fast developing towns in the Rizal province very soon,” Manila Water president and CEO Ferdinand dela Cruz said.

“We are also excited about our new business opportunities, as these are building blocks of our domestic and ASEAN growth strategy,” he added.

Total billed volume rose four percent to 409.8 million cubic meters (mcm) driven by the strong topline of the Manila concession and expansion of its domestic operating subsidiaries.

Billed volume in its Metro Manila concession area grew three percent to 250 mcm following increase in billed connections to over 975,000 and an uptake in per capita consumption.

The East Zone encompasses parts of Makati, Mandaluyong, Pasig, Pateros, San Juan, Taguig, Marikina, most parts of Quezon City, portions of Manila, as well as several towns in Rizal.