Manila Water 2013 Profit Gains 5% as Filipinos Bought More Water

Feb 18, 2014 2:35 am ET

Feb. 18 (Bloomberg) -- Manila Water Co., the biggest listed Philippine water utility, reported a 5 percent increase in profit last year as customers bought more water.

Net income was 5.75 billion pesos ($129 million) in 2013, compared with 5.49 billion pesos a year earlier, the Manila- based company said today in an exchange filing. Sales increased 6 percent to 15.3 billion pesos.

The utility, which provides water to half of the Philippine capital, said total billed volumes rose 5 percent to 599.4 million cubic meters of water. Unit Laguna AAAWater Corp. had the biggest billed volume increase of 41 percent.

The stock advanced 1.2 percent to 25 pesos in Manila, a three-month high. The Philippine Stock Exchange Index gained 0.4 percent.

Manila Water and a partner have qualified to bid for a bulk-water supply project in Bandar Lampung in Indonesia and plans to expand operations in Vietnam, it said yesterday in a statement.

The utility didn’t provide profit figures for last quarter.

--Editors: Madelene Pearson, Jason Rogers