Manila Water posts P4.9B profit in Q3
Manila Water Company, Inc. said it has maintained positive net income growth from the previous year to reach P4.9 billion, driven by the steady performance of its operations here and abroad.
On a consolidated level, Manila Water posted billed volume growth of 4 percent, led by its Manila Concession and international subsidiaries under Manila Water Asia Pacific (MWAP).
The company said such growth significantly offset the relatively flat billed volume trajectory in the local subsidiaries under Manila Water Philippine Ventures.
Cost pressures for the company, on the other hand, have increased with the current economic environment as well as necessary operational and growth initiatives, with cost of services and operating expenses growing by 21 percent to P5.94 billion.
In the Manila Concession, billed volume growth was maintained at 3 percent, with billed connections totaling over 980,000.
Going beyond domestic shores and into ASEAN, MWAP continues to post strong performance, with an 82 percent increase in equity share in net income of associates to P514 million.