MANILA WATER Co., Inc. reported a second-quarter (Q2) net income of P2.76 billion on Thursday, marking a 51.6% increase from the P1.82 billion reported a year ago, driven by higher revenue during the period.

In a stock exchange filing, the water concessionaire for the east zone disclosed gross revenues of P8 billion for the April-to-June period, reflecting a 39.9% increase from the P5.72 billion reported last year.

The company’s gross expenses saw a slight 12% increase to P3.91 billion for the second quarter, compared to P3.49 billion in the same period last year.

For the January-to-June period, Manila Water’s attributable net income grew by 72.9% to P5.05 billion from a previous profit of P2.92 billion.

Gross revenues for the first semester climbed to P15.39 billion, marking a 41.7% rise from the P10.86 billion registered a year ago.

However, the company’s gross expenses increased to P7.69 billion in the first half, a 15.6% rise from P6.65 billion in 2022.

Year to date, the total attributable billed volume increased by 2% to 651.8 million cubic meters from 637 million cubic meters the previous year.

For the first half, Manila Water’s combined billed connections increased by 3% to 1.31 million from 1.27 million in the same period last year.

At the local bourse on Thursday, shares of the company gained 24 centavos or 1.25%, closing at P19.40 apiece.

Manila Water serves the east zone network of Metro Manila, covering Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City, and Manila, as well as several towns in the nearby Rizal province. — Ashley Erika O. Jose