MANILA WATER CO., Inc. saw its attributable net income rise 38.1% to P2.21 billion for the third quarter (Q3) from P1.60 billion a year ago, driven by higher revenues during the period, the company said on Monday.
In a stock exchange filing, the water concessionaire for the east zone reported gross revenues of P7.75 billion for the July-to-September period, up 33.9% from the P5.79 billion reported last year.
The company’s total expenses saw a slight 0.3% increase to P3.90 billion for the third quarter compared to P3.89 billion in the previous year.
For the January-to-September period, Manila Water’s attributable net income climbed 60.6% to P7.26 billion from P4.52 billion recorded last year.
Gross revenues for the three-quarter period increased to P23.14 billion, marking a 39% rise from the P16.65 billion registered previously.
However, the company’s expenses increased by 10% for the first nine months to P11.59 billion from the P10.53 billion posted a year ago.
The total attributable billed volume increased to 963 million cubic meters in the first nine months, a 2% rise from 948.1 million cubic meters in 2022.
Manila Water’s combined billed connections likewise increased by 2% to 1.32 million from 1.29 million in the previous year.
The water company is seeking approval from the Metropolitan Waterworks and Sewerage Systems (MWSS) for the extension of the expiration date of its revised concession agreement from 2037 to 2047 to coincide with its 25-year legislative franchise.
In its position paper submitted to the MWSS in August, Manila Water said it is committed to investing P1.15 trillion for water security, service delivery, and environmental sustainability up to 2047.
At the local bourse on Thursday, shares of the company gained 30 centavos or 1.75%, closing at P17.40 each.
Manila Water serves the east zone network of Metro Manila, covering Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City, and Manila, as well as several towns in the nearby Rizal province. — Sheldeen Joy Talavera