Clark Water net income up 20% to P85.9M in 2012

Clark Water Corporation's earnings grew 20 percent in 2012 on the back of higher billed volume, the company said Monday. The Manila Water subsidiary, which is the water and wastewater operator of Clark Freeport and the Clark Special Economic Zone, said that its net income last year reached P85.9 million from P71.4 million in 2011. Revenues increased 14 percent while operating expenses declined slightly. Last year, Clark Water installed a new treatment plant, new distribution lines, and a new deep well, tripling its water supply capacity to 35 million liters of water a day. As of end-2012, the company had 2,000 service connections, mostly for commercial and industrial locators. The repair of a major leak also lowered the company's system losses to 12 percent by the end of the year. — BM, GMA News