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Manila Water Company Inc. records P2.6 billion net income in the 1st half of 2012

Manila Water Company Inc. recorded a net income of P2.6 billion in the first half of the year, a 31% increase year-on-year.
The growth was driven by the sustained increase in revenues from both the East Zone and non-East Zone operations. Total revenues rose by P7.2 billion, 24% higher year-on-year as a result of the timely implementation of annual tariff increase and strong billed volume growth in the East Zone.

The new businesses also contributed positively, accounting for 5% of revenues and net income. Total billed water volume grew by 36% due to strong slaes growth among all operating units with the acquisition of Clark Water and Thu Duc Water in the fourth quarter of 2011.

Growth in the East Zone was due to higher consumption of industrial customers and from new connection. Laguna Water, Boracay Water, and Clark Water all registered double-digit growth in revenues and net income. Manila Water recently completed the acquisition of a 47.35% stake in Kenh Dong Water Supply Joint Stock Company in Vietnam.

Kenh Dong is expected to start operations within the second half of 2012 with a guaranteed minimum sales volume of 150 million liters per day through a 20-year bulk water supply contract with the Saigon Water Company.
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"Manila Water Company Inc. records P2.6 billion net income in the 1st half of 2012" was written by Mary under the Business category. It has been read 1706 times and generated 1 comments. The article was created on and updated on 11 August 2012.
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