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Growth in billed volume contributed to a 50.1% year-on-year increase in net income for Brazil's São Paulo state water utility Sabesp (Bovespa: SBSP3, NYSE: SBS) during the second quarter.
Net income for Q2 hit 480mn reais (US$298mn), compared with 320mn reais during the same period last year, according to the company's quarterly results report.
Contributing to the uptick was a 3.1% rise in billed volume, with water and wastewater volumes climbing 2.7% and 3.7% respectively. This was fueled by an increase in connections and growth in industrial consumption, according to the report.
Tariffs also increased by 4.05% during the quarter.
Ebitda was up 3% year-on-year to 777mn reais and net revenue grew 3% to reach 2.34bn reais.
Sabesp is Brazil's largest water company, serving more than 27mn clients in 364 municipalities in São Paulo. For the company's full results report, go to this link