MAYNILAD Water Services, Inc. said its net income rose by 10.3% to P4 billion in the primary quarter (Q1), driven by higher billed volume and customer growth.
In a regulatory filing on Wednesday, the West Zone concessionaire said revenues increased by 6.2% to P9.1 billion from P8.6 billion in the identical period last 12 months.
Earnings before interest, taxes, depreciation and amortization rose by 7.6% to P6.5 billion, while the margin improved to 43.9%.
Maynilad said total billed connections grew by 1.5% to 1.68 million in the primary three months of the 12 months, while water volume rose by 2.3% to 136.1 million cubic meters.
Growth was driven primarily by the domestic segment, which increased by 3%.
The corporate also reported improvements in non-revenue water (NRW), which declined to 30.7% from 36.2% in the identical period last 12 months.
NRW refers to water that’s produced but not billed because of leaks, theft, or other losses.
Maynilad said its capital expenditures reached P5.4 billion through the period, up 11.6% from P4.9 billion a 12 months earlier.
Maynilad President and Chief Executive Officer Ramoncito S. Fernandez said the corporate’s performance reflects ongoing operational and investment efforts.
“We proceed to see improvements in service reliability and water availability, while sustaining strong financial performance,” he said. “As we move forward, our focus stays on strengthening the system, reducing losses, and ensuring that our investments translate into higher service for our customers.”
Maynilad serves as the first provider of water and wastewater services within the West Zone, covering 11 cities in Metro Manila, three with partial coverage, in addition to parts of Cavite province.
Metro Pacific Investments Corp., Maynilad’s majority shareholder, is certainly one of three Philippine subsidiaries of Hong Kong-based First Pacific Co. Ltd., together with Philex Mining Corp. and PLDT Inc.
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