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Manila Water income more than doubles

MANILA WATER CO., INC. booked a first-quarter attributable net income of P2.28 billion, more than double than P1.10 billion a year earlier, the company announced on Thursday.

In a regulatory filing, the east zone water concessionaire reported a 43.6% increase in revenues in the first quarter to P7.38 billion from P5.14 billion in the same period last year.

For the January-to-March period, the company registered gross expenses of P3.78 billion, 19.6% higher than the P3.16 billion a year ago.

The company said the cost of services in the first quarter increased to P2.58 billion, slightly higher than the P2.36 billion in the same period last year.

Separately, Manila Water said it would continue to extend cross-border sharing to Maynilad Water Services, Inc. to help the latter supply customers within its concession area. The cross-border sharing deal allows Maynilad to tap treated water from Manila Water’s distribution network.

“The effect of El Niño knows no boundaries. We will continue to extend help to our fellow concessionaire for as long as we can still provide 24/7 water supply to our customers in the East Zone of Metro Manila and parts of Rizal,” Corporate Communications Affairs Group Director of Manila Water Nestor Jeric T. Sevilla, Jr. said in a media release.

The water concessionaire serves Manila’s east zone network, which comprises Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns of nearby Rizal province.

At the local bourse on Thursday, shares in the company gained 35 centavos or 1.73% to end at P20.60 apiece. — Ashley Erika O. Jose

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