Manila Water in $137.5 Million Loan Agreement for Sewer Project

Oct. 2 (Bloomberg) -- Manila Water Co. signed a $137.5 million loan agreement with the Land Bank of the Philippines to partially finance a sewer project, the utility said today in a stock exchange filing.

The loan, which is funded by the World Bank, will finance the North and South Pasig Sewerage System project, said the company that supplies water to half of the Philippine capital. The shares rose 1.6 percent to a record close of 27.90 pesos.

Revenue at the Ayala Corp. unit will probably be better than a year earlier, Chief Financial Officer Luis Juan Oreta said on Sept. 28. Second-half sales will increase from a year earlier even if revenue won’t be as strong as the first half, he said.

Manila Water’s first-half net income increased 31 percent to 2.63 billion pesos ($63 million) from a year earlier on higher billing volume, it said in August. Revenue rose 24 percent as the total billed water volume increased 36 percent, the utility said.

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