Manila Water H1 net profit rises 34% on higher sales

ABS-CBN News

Posted at Aug 09 2010 03:49 PM | Updated as of Aug 10 2010 02:32 AM

MANILA, Philippines - Ayala-owned water utility Manila Water Co. said its first-half net profit rose by 34% from a year ago to P1.97 billion on higher water sales.

In the six months to June, Manila Water's revenues went up by 18% from a year earlier to P5.5 billion as water sales improved by 5%.

The company also expanded its customer base, connecting an additional 64,039 households in the first half and bringing to date its customer base to 1.2 million households.

Manila Water's bottomline was also helped by a drop in system losses to 13.5% from 16.4% last year.

Outside of its concession area, the east zone of Metro Manila, Manila Water's operating unit in Laguna also made gains. Its Laguna Water posted a net income of P7.43 million, a hefty 263% from last year as revenues rose by 15%. Manila Water took over operations in the Laguna concession in September 2009.

Another unit, Boracay Water, posted an 81% plunge in net income to P5.5 million due to adjustments made in its accounting procedures.