Manila Water net income up by 34%

Ayala-led Manila Water Co Inc. reported on Monday that its net income went up by 34 percent in the first half of the year to P1.97 billion after it gained more customers amid the improving economy. Manila Water told the Philippine Stock Exchange on Monday that its revenues also gained by 18 percent in the first half of 2010 to P5.5 billion compared to the same period last year. "The improvement in revenues was supported by the 5 percent growth in water sales to 203.3 million cubic meters [mcm] from 194.4 mcm. The company was able to connect an additional 64,039 households to the network in the first six months of 2010," Manila Water said. The firm said the non-revenue water dropped by 3 percentage points to 13.5 percent from last year's level of 16.4 percent. Capital expenditures for the first half of the year totaled P4.3 billion, almost half of Manila Water's capital expenditure program of P10 billion for the full year of 2010, the company said. Also, Manila Water's operating units in Laguna continued to post gains. Laguna Water's net income grew by 263 percent to P7.43 million on the back of the 15-percent increase in revenues and improved operating efficiencies. But Boracay Water made an 18-percent decline of net income to P5.5 million because of a "one-time adjustment." Its revenues, however, increased by 33 percent on the back of strong tourist inflows during the summer season. Boracay water started operations last January 2010. —JE/OMG, GMANews.TV