Manila Water posts P2B net income in first half

Manila Water pm Wednesday reported a net income of P2 billion in the first six months of 2011, up 2 percent from P1.97 billion in the first half of 2010. In a disclosure to the Philippine Stock Exchange, Manila Water said revenues before hit P5.8 billion. Increases in the billed volume of its Boracay and Laguna projects helped push the company’s income from January to June, the company said. Billed volume in Laguna went up by 14 percent to 2.4 million cubic meters (mcm) from 1.97 mcm last year. In Boracay, billed volume hit 1.23 mcm in 2011, up 17 percent from the 1.05 mcm. The East zone main line, reported a growth of 0.4 percent as billed volume hit 204.05 mcm from 203.25 mcm in 2010. The company generated 207.52 mcm of billed volume in its service areas, up 0.6 percent from 206.27 mcm. Total service connections in the first half of the year also rose by 5 percent year-on-year to 863.4 million from 822.1 million. — BC/VS, GMA News