EARNINGS: Manila Water says 2010 net income grew to P3.99B

Manila Water Co. Inc. on Friday reported that its net profit grew 24 percent to P3.99 billion last year from P3.23 billion in 2009. The Ayala-led water utility firm said it sales totaled P11.05 billion last year, up 16 percent from the P9.53 billion recorded in 2009. In a statement, Manila Water said its strong performance was a result of "the steady growth in water sales volume." Water consumption reached 410 million cubic meters last year, a growth of 3.5 percent from 396 million cubic meters in 2009, the listed firm said. Manila Water's ability to ensure reliable service is a consequence of the investments the company implemented over the past 13 years, the statement said. Last year alone, Manila Water invested a total of P9.6 billion to "improve the reliability and expand the coverage of its water networks," it added. The water utility firm said that it intends to invest more than P10 billion annually for the next two years. The fund will be used for the development of new water sources, improvement of water network reliability, and construction of several sewerage treatment plants, Manila Water said. It also plans to further expand its operations outside Metro Manila, the company added. — JE/OMG, GMA News