Manila Water profit jumps 39% to P10 B

Razon-led Manila Water Co. Inc. reported a 39 percent year-on-year jump in its net income in the nine months ending September, driven by double-digit increase in its revenues on the back of higher tariff and billed volume.

- JASPER EMMANUEL ARCALAS

The East Zone concessionaire of the Metropolitan Waterworks and Sewerage System said its net income reached P10.103 billion from January to September, P2.84 billion higher than last year's P7.262 billion.

The water utility firm posted a 19 percent increase in its revenues that reached P27.547 billion from a year ago's P23.144 billion.

The increase in revenues was attributed to a 20 percent increase in the firm's average tariff and higher billed volume growth within the firm's East Zone jurisdiction.

Furthermore, the 23-percent hike in revenues of its non-East Zone operations due to higher billed volume and tariff increases also contributed to the firm's overall revenues.