Manila Water Co. Inc., the water utility controlled by tycoon Enrique Razon, reported Thursday a 73 percent year-on-year growth in first half net income to P5.05 billion, bolstered by a rate increase, higher water consumption, and a growth in customer connection.
Regulatory agency Metropolitan Waterworks and Sewerage System in November approved an increase in water tariff for Manila Water and Maynilad Water Services Inc. that would be implemented starting January due to the weaker peso. Manila Water was allowed to raise rates by P8.04 per cubic meter.
Manila Water said revenue in the first half jumped 42 percent year-on-year to P15.39 billion, while cost and expenses rose 21 percent to P5.62 billion.
At the end of June, Manila Water said total connections increased 3 percent to 1.31 million, with 1.07 million located in the East Zone of the Metro Manila water concession.
Meantime, billed water volume in the first half was up 2 percent year-on-year to 651.8 million cubic meters. The billed volume in the East Zone concession was up 6 percent to 258.9 million cubic meters. Billed volume for operations outside Metro Manila rose 3 percent to 60.5 million cubic meters while those from operations outside the Philippines was flat at 332.3 million cubic meters.
