Manila Water net income up 6% in 2018

Manila Water Company Inc. (MWC) posted a 6-percent climb in its bottom line for the full-year 2018, driven by the strong performance of its businesses in its concession area within Manila.

In a regulatory filing submitted by Corporate Governance and Compliance Manager Darwin Mendoza, MWC reported a net income of P6.524 billion, higher than the P6.147 billion the previous year.

This came as revenues of the company grew by 7 percent to P19.836 billion from P18.516 billion the comparable period in 2017.

"This was driven largely by the steady performance of the Manila Concession, bolstered by the approval of its positive tariff adjustment and Business Plan," MWC said.

"Beyond the Manila Concession, new business wins and acquisitions establish an ideal platform for further market expansion," it added.

MWC's concession area—the east zone—encompasses 23 cities and municipalities spanning a 1,400-square kilometer area that includes Makati, Mandaluyong, Pasig, Pateros, San Juan, Taguig, Marikina, most parts of Quezon City, portions of Manila, as well as 14 towns of the Rizal province.

"I see our 2018 performance as a testament to our resolve, as we surmounted significant challenges to come out stronger," said Manila Water president and CEO Ferdinand Dela Cruz.

"We are excited for the road ahead, as we follow through on our growth aspirations in ASEAN and in other new markets," he added. — Jon Viktor D. Cabuenas/BM, GMA News