Manila Water net income climbs to P3.56 B in Q1

Razon-led Manila Water Co. Inc. earned 14 percent more in the first quarter to over P3.5 billion, driven by higher tariff rate and more volume billed in its service area outside the East Zone of Greater Manila.

- By JASPER EMMANUEL ARCALAS

Manila Water said its attributable net income reached P3.56 billion, about P439 million higher than the P3.12 billion recorded in the first three months of last year.

The water utility firm's revenues rose by eight percent to P9.54 billion from P8.81 billion, thanks to higher average tariff rate in the East Zone supported by higher billed volume in the non-East Zone area.

The company recorded a 12.5-percent increase in its average tariff in the East Zone, reaching P58.4 per cubic meter in the first quarter from last year's P51.9 per cubic meter.