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Ricky Razon-led Manila Water grows at a faster pace; nine-month net income jumps to P4.5B

Earnings of East Zone concessionaire Manila Water rose by 34 percent to P4.52 billion in the first nine months of the year buoyed by higher revenues.

Revenues of the company increased by eight percent to P16.46 billion, driven by a 24-percent jump in non-East Zone revenues from tariff increases in several business units, and was further supported by higher revenues from Manila Water Infratech Solutions Corp. and Estate Water.

“The East Zone shows signs of recovery with higher billed volume and average tariff, combined with higher connection fees and cross border charges,” Manila Water said.

Bulk or 77 percent of the company’s operating revenues during the first three quarters came from the sale of water, while 16 percent came from environmental and sewer charges.

Other revenues, which account for the balance, comprised of supervision fees, connection fees, after-the-meter services, and service income from bulk water arrangements, among others.

Aside from higher revenues, Manila Water’s robust net income was further bolstered by the deferral of foreign exchange losses from foreign currency differential adjustment, as well as reduction of provision in line with the Supreme Court resolution of the case involving the Clean Water Act.

However, this was slightly offset by higher cost of services and operating expenses, the company said.

Excluding one-offs, Manila Water’s core income grew by 18 percent year-on-year to P4.14 billion.

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