Ultra bilyonaryo Enrique K. Razon-led Manila Water Co. more than doubled its earnings in the first quarter of the year, bolstered by robust revenues driven by higher billed volume and tariff increases.
The east zone concessionaire reported a net income of P2.29 billion during the period, representing a 108 percent growth compared to the P1.1 billion reported last year.
The company’s strong financial performance can be attributed to a confluence of factors, including increases in average tariff, billed volume, and cross-border charges at the parent company. As a result, revenues soared by 44 percent, reaching P7.38 billion.
Manila Water’s non-east zone, encompassing core domestic operating subsidiaries such as Boracay Water, Clark Water and Estate Water, experienced a robust growth of 32 percent amounting to P1.65 billion.
The sale of water accounted for 71 percent of the company’s operating revenues, while 15 percent was derived from environmental and sewer charges.
The remaining balance was composed of other revenues, including supervision fees, connection fees, after-the-meter services, service income from bulk water arrangements, and finance income from contract assets, among others.