Wednesday, 18 February 2009

Manila Water net income rises 16% to P2.8 billion in 2008

The Manila Bulletin

Manila Water reported that its net income last year rose 16 percent to P2.8 billion from P2.41 billion in 2007 on the back of higher water sales volume complemented by further improvements in the company’s operating efficiency.

The firm disclosed to the Philippine Stock Exchange that this was made possible through the company’s intensive capex program. In 2008 alone, the company spent a total of P4.2 billion as it accelerated the implementation of expansion projects and invested in new systems and processes.

Billed volume went up by 4 percent to 387 million cubic meters as Manila Water expanded its customer base by 46,765 new household connections.

In addition, the company managed to further reduce system losses by 6 percentage points to 19.6 percent, from a high of 63 percent in 1997.

This is the first time that Manila Water has brought its level of water losses to below 20 percent, which is significantly better than most of the company’s regional counterparts.

The company also began construction on a number of sewerage treatment plants in 2008, with the aim of bringing sewerage coverage to 30 percent by 2012 from the present level of 16 percent for the East Zone.

MWC plans to ramp up the level of capital investments even higher with a P187-billion service improvement plan over 15 years, P37 billion of which will be spent within the next five years alone.

This plan aims to ensure 24-hour water supply to customers, mitigate effects of natural calamities, expand water and wastewater services to more areas in the East Zone of Metro Manila, and ensure that sufficient water supply is available to meet the demands of an increasing population coverage, particularly in Taguig, parts of Rizal and some parts of Bulacan. (JAL)

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