Tollway operators north and south of Luzon have reported improved profit and revenues in the first nine months of the year due to higher traffic volume.
NLEX Corp., a tollway unit of Metro Pacific Tollways Corp., said its net income went up 8 percent to P4.58 billion in January to September, from P4.25 billion in the same period last year.
“Income growth was driven by higher toll revenues from NLEX (North Luzon expressway) and SCTEX (Subic-Clark-Tarlac expressway) during the period which grew by 14 percent on the back of sustained traffic growth across NLEX and SCTEX,” the company said in a filing at the Philippine Dealing and Exchange Corp.
NLEX posted revenues of P11.2 billion for the nine-month period, 15 percent higher compared to P9.8 billion a year ago.
The growth is attributed to higher traffic during the period and the implementation of toll rate adjustments this year in NLEX and SCTEX.
Average daily traffic at NLEX rose 6.3 percent to 266,888, while that in SCTEX increased 12.6 percent to 68,748 daily vehicle entries. NLEX traffic was boosted by the opening of Harbor Link Segment 10 last March.
In addition to toll revenues, NLEX also generated revenues from advertising, toll services and utility facilities and rental and service income for the first three quarters of 2019 amounting to P229 million, 71 percent higher than last year’s P134 million.
The company said the non-toll revenue growth is mainly driven by rental revenues from NLEX Drive & Dine which started operations during the last quarter of 2018.
Meanwhile, San Miguel Corp. tollways arm South Luzon Tollway Corp. (SLTC) reported a P2.43 billion net income in the first nine months of year, up 2 percent from P2.28 billion in the same period last year.
With the upsurge in traffic volume, SLTC said toll revenue improved by 4 percent to P4.69 billion in January to September, from P4.51 billion the year earlier.
Traffic volume in southern Luzon continued to be enhanced by the rapid expansion of residential and industrial areas, spurred by the government’s decentralization drive to stimulate business activities outside Metro Manila, it said.
Earnings before interest, taxes, depreciation and amortization rose 5 percent to P3.81 billion in the nine months, from P3.63 billion a year ago.
SLTC is engaged in the rehabilitation, construction and expansion of South Luzon expressway from Alabang viaduct to Lucena, Quezon.