Manila Water 2012 profit up 28 percent to P5.44B

Manila Water Inc. on Tuesday reported its 2012 profit rose 28 percent to P5.44 billion year-on-year on higher billed volume.     

 

Its financial statement submitted to the Philippine Stock Exchange showed Manila Water revenues grew 21 percent to P14.55 billion and its core income climbed 27 percent to P5.72 billion.

         

Earnings before interest, taxes, depreciation and amortization, on the other hand, expanded by 29 percent to P10.54 billion for an EBITDA margin of 72 percent.

      

Total billed volume stood at 579.4 million cubic meters, up 39 percent. 

 

Manila Water’s main source of income—the east zone concession—accounted for the bulk or 427.3 million cubic meters of the billed volume, up 4 percent.

 

Contributing to the company's billed volumes are subsidiaries Laguna Water Co., Boracay Island Water Co. and Clark Water Corp., as well as Vietnam-based Thu Duc Water Boo Corp.

 

Cost of services and operating expenses, meanwhile, rose by 22 percent to P4.48 billion.

 

As of end-December 2012, Manila Water recorded 896,148 water service connections—including domestic, commercial and industrial customers—which translates to clean and potable water to more than 6.2 million people in the East Zone concession area 24/7.

 

In the fourth quarter of 2012, the company installed 37,120 new water service connections to domestic customers and 1,047 to commercial and industrial consumers.

 

As the private concessionaire of the Metropolitan Waterworks and Sewerage System, Manila Water services Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila and several towns of nearby Rizal. — VS, GMA News