Manila Water Co., which supplies water to half of the Philippine capital, said first-half net income increased 31 percent to 2.63 billion pesos ($63 million) from a year earlier on higher billing volume.
Revenue rose 24 percent as the total billed water volume increased 36 percent, the utility said today in a stock exchange filing. The company, a unit of Ayala Corp. (AC), didn’t provide second-quarter figures. The stock closed unchanged at 25.95 pesos.
Manila Water on July 20 said it had acquired through its Singapore unit a 47 percent stake in the Vietnamese water distributor Kenh Dong Water Supply Joint Stock Co. The utility bought 49 percent of Thu Duc Water BOO Corp. last November.
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