San Miguel Corp.’s tollway unit on Monday reported net income rising 21 percent in the first quarter this year, driven higher by a rise in vehicle traffic.
SMC SLEX Inc. posted net income of P1.16 billion in the January to March period, up from P964 million in the same period last year.
Revenue from toll operations reached P1.94 billion, higher by 15 percent from only P1.68 billion last year. Ninety-four percent of those transactions were electronic or from RFID cards and only 6 percent came from cash.
As of end-March, the South Luzon Expressway posted an average daily traffic (ADT) of 357,774, a 2-percent increase from 352,185 last year.
Cost of service rose P30.1 million due to higher operations and maintenance fee, higher Philippine National Construction Corp. (PNCC) share due to increase in top revenue, higher amortization of service concession rights , higher provision for resurfacing and maintenance oblivion and higher concession insurance premium payment.
Operating expenses, however, dropped 22 percent to P67.3 million from P86.4 million due to lower depreciation and amortization, lower advertising by P8.1 million and lower repairs and maintenance for vehicle and equipment.
SMC SLEX earlier allotted P8.06 billion as capital expenditure (capex) for 2024 to partially finance the TR4 and the widening project at South Luzon Expressway (SLEX).
Upon completion in 2026, the 66.74-kilometer toll road widening project will cost P50 billion but connects Sto. Tomas, Batangas to Lucena City, Quezon and reduce travel time between the points from 3 hours to just 45 minutes.
The toll road will be divided into six sections, including the Sto Tomas, Batangas to Makban in Laguna (11.32 km); the Makban to San Pablo City (12.75 km); the San Pablo to Tiaong in Quezon (7.5 km); the Tiaong to Candelaria (15 km); Candelaria to Tayabas (10.21 km); and the Tayabas to Lucena (9.96 km).
SLEX spans over 36.1 kilometers from Alabang, Muntinlupa to Sto. Tomas, Batangas. It is one of three expressways linking Metro Manila to key southern provinces including Cavite, Laguna, Batangas, Rizal and Quezon(Calabarzon).
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