MANILA, Philippines – A unit of Metro Pacific Investments Corp. reported a 38 percent increase in net earnings in the first semester from last year amid high traffic, particularly in the Subic-Clark-Tarlac Expressway (SCTEX).
Manila North Tollways Corp. (MNTC) said net income reached P2 billion in first half, up from the P1.45 billion in the same period in 2015.
MNTC said the higher net profit in the six-month period was “mainly due to high traffic growth and toll revenues contributed by the SCTEX concession project.”
Revenues rose 30 percent to P5.28 billion in the first six months from P4.05 billion in the same period a year ago due to the steady increase in traffic, as well as toll revenue contribution from the SCTEX which MNTC started to manage and operate in October last year.
A total of 45,609 vehicles entered the SCTEX per day during the six-month period, generating P797.8 million in revenues.
As for the North Luzon Expressway (NLEX) also being operated by MNTC, the average daily traffic in the first semester posted a nine percent increase to 219,132.
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Costs incurred by the company for the six-month period grew 50 percent to P2.26 billion from P1.51 billion a year ago.
“The significant increase in costs related to the newly acquired SCTEX concession that includes operator’s fee, concession fee paid to BCDA (Bases Conversion and Development Authority), amortization of SCTEX concession assets, amortization of project insurance, toll collection and medical services,” MNTC said.
In April, MNTC issued a notice of arbitration of claim to the government through the Toll Regulatory Board to obtain compensation amounting to about P3 billion for the government’s lack of action on toll hike petitions for NLEX.
MNTC first filed a petition before the TRB for a toll hike in 2012 with the adjustment scheduled to take effect in January 2013.
