Myanmar News Articles: Manila Water signs agreement for Myanmar water project

Manila Water signs agreement for Myanmar water project

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Category: Companies

Written by VG Cabuag

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THE Ayala-led Manila Water Co. Inc., one of the country's two major concessionaires, on Monday said it signed a memorandum of understanding with Yangon City Development Committee (YCDC) in Myanmar for its water project.

Manila Water, which will carry out the project with Mitsubishi Corp., hopes to reduce the non-revenue water for Yangon City, the company said.

"The project is in line with the intention of Manila Water to pursue projects outside the East Zone [of Metro Manila] and other selected markets in the Asian region," the company said.

YCDC is an administrative body of the Yangon city government in charge of the water infrastructure, business licenses and city management.

Manila Water is a host of other Philippine-based companies who want to set up a business in the Southeast Asian country.

The company's net income expanded by 5 percent in 2013 to P5.8 billion, driven by higher billed volume in the East Zone and increased contribution from new businesses. New businesses, which include operations in Laguna, Boracay, Clark and Vietnam, accounted for 10 percent of the company's earnings last year.

Total revenues grew by 6 percent to P15.3 billion with total billed volume up 5 percent versus the prior year.

Revenues from its Vietnam operations, which consist of a leakage-reduction project and two bulk-water companies, Thu Duc Water B.O.O. Corp. and Kenh Dong Water Supply Joint Stock Co. grew by 42 percent from the previous year to P294 million.

The company recently took over as exclusive water provider within the Laguna Technopark through its subsidiary, Laguna Water Co. It is also constructing a bulk water project in Cebu, which is expected to start operations in June.