Ricky Razon’s Manila Water returns to growth in first 6 months

Recovery in customer demand boosted the earnings of east Zone concessionaire Manila Water from January to June.

Manila Water reverted to positive growth, reporting a net income of P2.92 billion or an increase of seven percent year on year.

The growth was driven by higher commercial segment consumption, coupled with higher connection fees and cross border charges.

Operating revenues went up six percent to P10.74 billion, fueled by the 22 percent increase in non-east one revenues which was supported by a six percent rise in billed volume.

Boracay Water saw higher billed volume with the significant improvement in tourist arrivals from relaxed travel restrictions.

This was further supported by higher contributions from Manila Water Philippine Ventures, Tagum Water and Cebu Water, the company said.

“East Zone showed signs of recovery driven by higher billed volume and average tariff combined with higher connection fees and cross-border charges,” Manila Water said.

The group derived 77 percent of its operating revenues from the sale of water, while 16 percent came from environmental and sewer charges.

Other revenues, which account for the balance, comprised of supervision fees, connection fees, after-the-meter services, and service income from bulk water arrangements, among others.

Construction work starts on Metro Manila Subway

The Department of Transportation (DOTr) broke ground on the construction of two stations of the Metro Manila Subway, a 33-kilometer underground railway system which will connect Valenzuela City to Pasay City.