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AYALA-OWNED Manila Water Co. Inc. (MWCI) reported on
Tuesday a 17-percent increase in its net income for the
first half of the year to P1.26 billion on the back of
higher revenues from volume billings and water rates.
In a
disclosure to the stock exchange, the company’s revenues
stood at P4.45 billion, up 21 percent from last year’s
P3.57 billion brought about by higher billed volumes and
higher water rates.
“First-semester revenues surpassed the P4-billion mark.
This revenue growth was driven by a 6-percent growth in
billed volume and 17-percent increase in effective
tariff,” said the company.
The
publicly-listed water distributor said billed volume
rose 6 percent to 195 million cubic meters (mcm) from
last year’s 183 mcm. MWCI collected 99 percent of the
total billed volumes during the period.
The
utility firm also recorded 24,000 new service
connections during the period. This brings the company’s
total water service connections to 663,596 as of
end-June. It also reported a 16-percent hike in
operating costs to P2.31 billion from P1.99 billion.
For this
year, the company has set aside P7.2 billion in capital
expenditures for the rehabilitation and construction of
facilities to improve water and sewer services in its
east zone service area. Funding will be sourced from a
combination of internally generated funds and
borrowings. |
