Manila Water Services Inc., the water concession controlled by billionaire Enrique Razon Jr., on Tuesday reported a 37 percent surge in its first-quarter net income of P3.12 billion, pushed higher by the double-digit increase in water rates at the start of this year.
The water concessionaire was allowed by regulators to start implementing in January a 17.8 percent increase in basic water rates as a result of a recent rate rebasing and inflation adjustment.
Billed water volume rose 1 percent in the first quarter to 320 million cubic meters, with a 4 percent gain of the water concession in the Eastern part of Metro Manila helping offset flat volume in overseas opertions.
As a result, Manila Water revenue in the first quarter rose 19 percent to P8.82 billion.
Total bill connection in the January-March quarter rose 2 percent to 1.33 million.
