Manila Water Co., the utility controlled by billionaire Enrique Razon Jr., reported a six percent increase in first-half net income to ₱8.5 billion, as tariff adjustments and steady growth in its core business helped cushion higher depreciation and interest expenses.

In a disclosure to the Philippine Stock Exchange on Friday, Aug. 8, the company said that consolidated revenues for the six months through June rose 11 percent to ₱22.2 billion compared with the same period last year.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 13 percent to ₱16.4 billion during the period.

Manila Water’s performance was anchored by its flagship East Zone concession, which accounts for the bulk of its operations in Metro Manila and nearby Rizal province. Revenue from the East Zone jumped 12 percent to ₱17.9 billion, lifted by sustained consumer demand and tariff implementations put in place during the period.

Outside its core Metropolitan Manila concession, Manila Water’s non-East zone segment also registered steady gains. Revenues from these regional operations expanded two percent, while segment EBITDA rose seven percent.

The gain was primarily driven by tariff adjustments in key service areas, including Clark, South Luzon, and the resort island of Boracay. Financial performance in the segment was further supported by higher project supervision fees collected through subsidiaries Laguna Water and Estate Water.

To meet its service obligations, expand coverage, and preserve infrastructure reliability across its service areas, Manila Water deployed ₱6.8 billion in capital expenditures during the first six months of the year.

The earnings growth comes as water utilities across the region contend with weather-related disruption and macroeconomic volatility.

Roberto R. Locsin, president and chief executive officer of Manila Water, said the company remains positioned to navigate operational hurdles caused by the El Niño weather pattern and ongoing geopolitical uncertainty.

“While geopolitical concerns and El Niño present real challenges for our sector, we are confident in our ability to navigate these conditions by improving the way we operate, optimizing resources, and strengthening service delivery,” Locsin said.

“In doing so, we can translate operational gains into meaningful financial results, while continuing to provide reliable and essential water service to our customers.” (Gabriell Christel Galang)