MANILA Water Co. Inc. on Friday said net income in the first half rose 6 percent to P8.47 billion from P7.96 billion a year earlier, driven by stable contributions from its core businesses.
The East Zone concessionaire said consolidated revenues grew 11 percent to P22.19 billion from P20 billion, boosted by the implementation of tariff adjustments across key operating units and coupled with effective cost management and operational efficiency initiatives.“Our first-half results show that even in uncertain times, our company can still deliver strong performance, provide reliable service and create lasting value for our stakeholders,” Manila Water President and CEO Roberto Locsin said.“While geopolitical concerns and El Niño present real challenges for our sector, we are confident in our ability to navigate these conditions by improving the way we operate, optimizing resources and strengthening service delivery,” he added.“In doing so, we can translate operational gains into meaningful financial results, while continuing to provide reliable and essential water service to our customers.”For the East Zone concession, the company said revenues grew 12 percent to P17.86 billion on the back of steady customer demand and tariff adjustments.Total revenues for the Non-East Zone Philippines (NEZ PH) segment rose 2 percent year on year to P4.86 billion, thanks to tariff adjustments in key operations in Clark, South Luzon and Boracay plus higher supervision fees from projects under the company’s Laguna Water and Estate Water businesses.The NEZ-International segment, however, saw its equity share in the net income of associates drop by 3 percent to P248.10 million in the first half from P255 million previously.This was attributed to a lower share in International Water Partners II and a weaker performance by Thu Duc Water BOO Corp., in which Manila Water holds a 49-percent stake.The company said capital expenditures in the first half stood at P6.80 billion, in compliance with service obligations, as it continued to focus on critical infrastructure supporting capacity expansion, service reliability and long-term water security.Manila Water further said it remained proactive in managing external risks, including the prevailing El Niño conditions and market disruptions related to the Middle East war.Manila Water shares on Friday slipped P0.30, or 0.88 percent, to close at P33.95 apiece.
