Maynilad Water Services, Inc. reported a 10.3 percent increase in net income to P4.0 billion in the first quarter of the year, driven by higher billed water volume and customer growth.

The company informed the stock exchange on Wednesday that revenue from January to March rose 6.2 percent to P9.1 billion from P8.6 billion a year earlier, supported by increased consumption and an expanding customer base. 

EBITDA grew 7.6 percent to P6.5 billion, with margin improving to 71.4 percent. Net income margin also rose to 43.9 percent.

“Our first quarter results reflect steady execution across both our operations and investment programs. 

We continue to see improvements in service reliability and water availability, while sustaining strong financial performance,” said Maynilad President and CEO Ramoncito S. Fernandez.

Capital expenditures, on the other hand, reached P5.4 billion, up 11.6 percent, as the company continued to invest in infrastructure. 

Non-revenue water (NRW) improved to 30.7 percent at period-end from 36.2 percent a year earlier.

According to Maynilad, billed connections as of the end of March increased 1.5 percent to 1.58 million. In comparison, billed volume rose 2.3 percent to 136.1 million cubic meters, driven mainly by a 3 percent increase in domestic demand.

NRW declined further to 30.7 percent at period-end and 32.0 percent on average, from 36.2 percent and 37.8 percent, respectively amid ongoing leak detection, pipe replacement, and network optimization.

The company also expanded wastewater and sanitation services. Sewerage coverage increased to 26 percent from 25 percent, while sanitation coverage improved to 58 percent from 55 percent. 

Accounts offered sanitation services rose 15 percent to 28,264, and septic tanks emptied climbed 48.3 percent to 1.3 million.