MAYNILAD Water Services Inc. on Tuesday said that net income in the first half grew 14 percent to P8.51 billion from P7.47 billion, supported by reduced interest expense and lower taxes.
In a statement, the West Zone water concessionaire also said that unaudited consolidated revenues had risen 4.1 percent to P19.11 billion from P18.35 billion on improved operational gains, higher billed volume and continued customer growth.
“Our first-half performance reflects continued progress in improving service delivery, enhancing network efficiency, and expanding wastewater and sanitation coverage,” Maynilad President and CEO Ramoncito Fernandez said.
“These operational gains, supported by sustained capital investments, contributed to the company’s financial results,” he added.
Maynilad said service coverage improved to 94.99 percent in the first half from 94.76 percent a year ago, with 24-hour water availability at a minimum pressure of 92.1 percent during the period.
Total billed connections reached 1,587,621, up 1.6 percent year on year.
Network efficiency also improved, with nonrevenue water declining to 29.7 percent from 35.25 percent.
Wastewater coverage improved to 88 percent from 85 percent. Sewerage coverage edged up to 26 percent from 25 percent while sanitation coverage expanded to 62 percent from 60 percent.
The number of accounts that were offered sanitation services rose 7.9 percent to 200,577 in the first half while the number of septic tanks emptied increased 10.7 percent to 55,825.
Capital expenditures (capex) in the first half stood at P12.89 billion, up 18.9 percent from the P10.85 billion a year earlier. Spending went to water and wastewater infrastructure as well as in improving network efficiency, network reliability, production facilities and customer service improvement programs.
Maynilad Chief Operating Officer Christopher Jaime Lichauco said in a media briefing that the firm was in discussions with the Metropolitan Waterworks and Sewerage System (MWSS) regarding new water allocations from Angat Dam.
“We are in talks with MWSS and we hope it will come up with revised water [allocations] but there are no specific figures yet. With regard to how much allocation from Angat Dam is ideal for us, definitely more than 60 percent, which is what we currently are at,” Lichauco said.
He noted that Manila Water Company Inc., which services the East Zone, has a water allocation of 40 percent from the said dam.
Maynilad shares on Tuesday dropped P0.32, or 1.7 percent, to close at P19.12 apiece amid a 0.6-percent decline for the benchmark Philippine Stock Exchange index.
