West Zone concessionaire Maynilad Water Services Inc. reported a 10% increase in first-quarter net income to P4 billion, driven by higher billed volume and an expanding customer base.
Earnings rose from P3.6 billion in the same period last year, while revenues grew 6.2% to P9.1 billion from P8.6 billion, the company said in a statement.
Earnings before interest, taxes, depreciation and amortization reached P6.5 billion, up 7.6% year-on-year.
"Our first quarter results reflect steady execution across both our operations and investment programs," said Maynilad president and CEO Ramoncito Fernandez. "We continue to see improvements in service reliability and water availability, while sustaining strong financial performance."
Total billed connections rose 1.5% to 1.58 million, while billed volume increased 2.3% to 136.1 million cubic meters.
Maynilad also reduced non-revenue water to 30.7% from 36.2%, thanks to intensified leak detection, pipe replacement, and network optimization. Cutting water losses allows the utility to make more treated water available without immediately developing new sources.
Capital spending for the quarter reached P5.4 billion, up 11.6% from P4.9 billion, with the bulk allocated to wastewater treatment expansion.
"As we move forward, our focus remains on strengthening the system, reducing losses, and ensuring that our investments translate into better service for our customers," Fernandez added.
Maynilad serves 17 cities and towns in Metro Manila and Cavite under a concession with the Metropolitan Waterworks and Sewerage System.
The company was recently fined P54.28 million for failing to provide uninterrupted service to over 165,000 customers last March. Maynilad attributed the supply disruptions to challenging water conditions in Laguna de Bay during the Amihan season, which forced its facilities to adjust and reduce production.