Ultra bilyonaryo Ricky Razon-led Manila Water saw its nine-month earnings jump by 61 percent to P7.26 billion in the first nine months of the year, driven by continuously growing demand in the east zone.
Manila Water’s operating and non-operating revenues grew 39 percent to P23.14 billion.
The company attributed the growth to the 37 percent increase in average tariff, four percent billed volume improvement across all segments, and higher cross border charges at the parent company.
“This growth was further supported by the 29 percent increase in non-east zone revenues due to tariff increases in several business units and one percent increase in billed volume, with further support from integrated used water and pipelaying projects revenues of MWIS as well as higher sewer revenues mainly from Laguna Water and Estate Water,” it said.
Total billed connections, or the number of water service connections in its entire concession areas in the country , improved by two percent to 1.32 million.
Billed connections in the East Zone increased by two percent, while those in the company’s other concessions grew by five percent.