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Manila Water’s First-Half Net Income Rises 8% as Sales Advance

Aug. 8 (Bloomberg) -- Manila Water Co., the biggest listed water utility in the Philippines, reported an 8 percent gain in profit in the first half, as sales increased and more citizens connected to its supply.

Net income rose to 3.16 billion pesos ($71.7 million) in the six months ended June from 2.91 billion pesos a year earlier, the company said in a stock exchange filing today. Revenue increased 6 percent to 8.11 billion pesos.

The utility, which provides water to half of the Philippine capital, said billed volume rose 16 percent to 333.1 million cubic meters of water. Unit Laguna AAAWater Corp.’s billed volume more than tripled to 14.9 million cubic meters. Service connections in Manila rose 3 percent, and by 62 percent in Laguna province.

The company didn’t provide second-quarter financial figures. Net income in the first quarter rose 7 percent to 1.43 billion pesos, it said in May.

Manila Water shares fell 0.4 percent to 27.70 pesos at the close of trading. The Philippine Stock Exchange Index fell 1.1 percent.

The company plans to expand in Southeast Asia to diversify and spread investment risks while it deals with regulatory pressure to cut tariffs in the capital, President Gerardo Ablaza said in April. The utility has examined opportunities elsewhere and is committed to expand in emerging markets, particularly Vietnam, Indonesia and Myanmar, he said.

At its unit in Vietnam, Thu Duc Water BOO Corp., billed volume rose 2 percent to 60.2 million cubic meters in the first half.

To contact the reporter on this story: Norman P. Aquino in Manila at naquino1@bloomberg.net

To contact the editors responsible for this story: Randall Hackley at rhackley@bloomberg.net Jason Rogers, Madelene Pearson

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