Monday, 22 February 2010

Manila Water nets P3.23 Billion in 2009, up 16%

Manila Bulletin

Manila Water Company reported a 16 percent growth in net income to P3.23 billion last year from the P2.79 billion earned in 2008 on the back of a steady rise in billed volume sales and lower corporate income tax rates.

In a disclosure to the Philippine Stock Exchange (PSE), MWC said billed volume grew by 2 percent to 396 million cubic meters in 2009 from 387.3 mcm in the previous year while operating costs jumped 10.5 percent to P2.8 billion because of expansion activities. Operating revenues rose 6.7 percent to P9.5 billion from P8.9 billion in 2008 while EBITDA increased 5.2 percent to P6.75 billion for an EBITDA margin of 71 percent.

With the implementation of its capex plan for the year, MWC was able to connect an additional 54,000 households to the network, helping minimize the impact of lower consumption brought about by the economic slowdown and the early onset of the rainy season. Investments in the network also resulted in a further reduction in water losses, with non-revenue water level dropping from 19.7 percent in 2008 to 15.8 percent in 2009.

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