Maynilad profits up on higher water sales, wider coverage
abs-cbnNEWS.com | 04/28/2009 7:43 AM
Printer-friendly version | 
Send to friend | 
Share your views
Profits if Maynilad Water Services, Inc., the water utility which covers western Metro Manila, increased by almost a fifth last year as expanded operations widened its customer base and increased the volume of water sold.
It ended 2008 with a net income of P1.99 billion from P1.67 billion in 2007 as revenues grew by over a tenth to P6.54 billion. Maynilad earned P1.39 billion from sewerage services, up from P1.29 billion in 2007.
The water utility, owned by Pangilinan-led Metro Pacific Investments Corp. and construction-based conglomerate DMCI Holdings, Inc., plans to spend P8.6 billion this year, including P550 million for a water treatment facility in Muntinlupa.
The plant, which will get water from Laguna de Bay, can treat up to 50 million liters daily and boost water supply in Muntinlupa, Las Piñas and Bacoor, Cavite. Maynilad serves 11 cities in Metro Manila and five towns in Cavite.
Maynilad and eastern zone concessionaire Manila Water Co., controlled by Ayala Corp., have deferred huge water rate hikes at least for this year, seeking to extend their contracts by 15 years beyond 2022 and spread the increases within a longer period. BusinessWorld
Comments