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MANILA – Manila Water Co. Inc. on Wednesday announced that its first-half earnings increased by nearly a third from a year ago.
Based on a report to the Philippine Stock Exchange, the Ayala-led water distributor earned P2.630 billion in the first six months of this year, up 31 percent from the P2.001 billion in the same period in 2011.
Revenues rose by 24 percent to P7.103 billion this year from P5.803 billion last year.
Billed water increased 36 percent to 282 million cubic meters this year from 207.5 million in 2011.
Bulk of the billed volume came from the east zone of state-run Metropolitan Waterworks and Sewerage System at 211.5 million cubic meters, up 4 percent from the 204.1 million last year.
Growth however came from smaller concessions, namely Laguna Water and Boracay Water, which enjoyed year-on-year increases of 54 percent and 29 percent, respectively in billed water.
Also adding to the increase were Clark Water and Thu Duc Water, which contributed 4.4 million and 61.1 million to total billed volume. Manila Water acquired both in the second half of 2011.
Bulk of total water service connections also were in the east zone at 880,535, up 5 percent from 836,338 in 2011.
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