Net income during the period soared 37 percent to P6.91 billion compared to the same period last year while consolidated operating revenues rose by 19 percent to P18.35 billion.
Manila Water said this attributed to a 21 percent increase in average tariff and 2 percent growth in billed volume.
Metropolitan Waterworks and Sewerage System earlier approved rate increases for water concessionaires in Metro Manila and nearby provinces.
Meanwhile, Manila Water’s cost of services and expenses increased by 4 percent to P5.88 billion, largely due to higher personnel and premises costs, though overhead costs decreased slightly.
Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 26 percent to P12.73 billion, with an EBITDA margin of 69 percent, while net interest expense decreased by 7 percent to P1.63 billion.
