Manila Water Q1 net income up 24%

East zone concessionaire Manila Water Company Inc. reported a 24% increase in its first-quarter net income, as revenues grew double-digit, driven by the implementation of higher tariffs.

Manila Water said its net income grew to P4.4 billion, as consolidated revenues gained 11% to P10.6 billion. Net income from the east zone alone posted a 28% growth to P4.1 billion, while the non-east zone (NEZ) saw a 56% climb due to tariff adjustments in Clark, South Luzon, and Boracay.

“With economic challenges and the threat of El Niño on the horizon, we fulfill our service obligations from a position of preparedness — backed by diversified sources, reinforced assets, and rigorous contingency planning,” Manila Water president and chief executive officer Roberto Locsin said.

“More importantly, our deliberate approach to the build-up of critical infrastructure is now bearing fruit — reducing vulnerabilities, improving resilience, and supporting dependable long-term growth,” he added.

The Razon-led firm has the exclusive right to provide water and used water services to the east zone of the franchise area of the Metropolitan Waterworks and Sewerage System (MWSS), which services 23 cities and municipalities in Metro Manila and Rizal.

These include Mandaluyong, Makati, Pasig, Pateros, San Juan, Taguig, Marikina, and parts of Quezon City and Manila. The towns of Angono, Baras, Binangonan, Cainta, Cardona, Jalajala, Morong, Pililia, Rodriguez, Tanay, Taytay, Teresa, San Mateo and Antipolo in the province of Rizal are also part of the east zone.

Shares in the company were last traded at P44.90 apiece, up by 40 centavos or 0.90% from Thursday’s finish of P44.50 per share. —AOL, GMA News