Manila Water’s January-to-March profit surged 24%
Manila Water Co. started the year on a strong footing with a 24-percent jump in earnings driven by higher tariffs and cost control.
In a statement on Friday, the Enrique Razon-led company said its net income in the first quarter this year had increased to P4.41 billion from P3.56 billion.
The firm’s revenues also jumped by 11 percent to P10.63 billion from P9.54 billion in the same period last year.
Earnings before interest, taxes, depreciation and amortization stood at P7.87 billion, up 14 percent from P6.92 billion a year ago.
“Our earnings strength shows resilience in the face of inflationary and operating headwinds, even as we continue to invest with discipline and purpose,” Manila Water president and CEO Roberto Locsin said.
“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,” the official said.
Manila Water serves the eastern service area of the Metropolitan Waterworks and Sewerage System. This covers parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila in the nation’s capital, as well as several towns in Rizal province.
Beyond the East Zone concession area, the firm also serves key areas in Clark, Pampanga, South Luzon and Boracay Island, where it booked a 56-percent surge in profit.
Manila Water said it continues to invest in its network to strengthen capacity, boost system efficiency and service reliability.
For the March quarter, Manila Water has already spent P2.8 billion.
To ensure reliable service, especially with the threat of El Niño, projected by the latter part of the year, Manila Water said it has started rolling out measures.
These include the diversification and optimization of water sources and the enhancement of treatment and distribution capacity. It has also readied for the deployment of contingency supply systems.
