Manila Water’s core income reaches P6.5B in 2017
Manila Water posted robust core income growth in 2017, rising 7 percent from the previous year to reach P6.5 billion, on the back of a strong top-line of the Manila Concession, expansion of its domestic operating subsidiaries, and higher supervision fees recognized by Estate Water.
Manila Water said the Manila Concession grew by two percent as it connected new customers in previously unserved areas. With its continuing expansion, the Manila Concession now serves over 6.5 million people in the eastern side of Metro Manila.
Meanwhile, the other subsidiaries within the Philippines consisting of operations in Boracay, Cebu, Clark and Laguna, and with the addition of Estate Water, all posted double-digit billed volume improvements.
Manila Water’s other income (net of expenses) grew by 20 percent to P541 million in 2017, brought about by the higher equity share in net income of associates. Manila Water’s two bulk water companies in Vietnam, namely Thu Duc Water and Kenh Dong Water, together with Saigon Water, contributed P457 million in net income, rising 24 percent from 2016.
“We are proud of our ability to register solid core income growth in 2017, as it highlights the strength of our business, and our people. Building on this foundation, we continue to build our business and expand our market reach, both domestically and in the region. Our organization is now geared up for growth, and we are very excited to take on the opportunities that lie ahead,” Ferdz dela Cruz, Manila Water President and CEO, said.