SLEX operator earns 26% more in Q3

MANILA, Philippines – Net income of San Miguel Corp. (SMC) unit South Luzon Tollway Corp. (SLTC) grew 26 percent in the third quarter from a year ago due to higher revenues from toll operations. 

The operator of the South Luzon Expressway (SLEX) said in a filing net earnings for the July to September period reached P845.60 million, up from the previous year’s P671.07 million. 

The higher net profit result was recorded as revenues from toll operations also posted an 18 percent increase to P1.34 billon for the July to September this year from P1.14 billion a year ago.

SLTC said revenues rose amid double-digit traffic growth at the SLEX.

Costs and expenses for the third quarter declined one percent to P379.16 million this year from the previous year’s P383.60 million. 

SLTC said “costs and expenses remain low, mainly due to the take-up of non-recurring tax expense in 2015 slightly offset by additional depreciation as the company continues to invest in the upgrading and enhancement of toll equipment.”

For the nine-month period, SLTC’s net earnings amounted to P2.59 billion this year, 26 percent higher than the P2.06 billion in the same period last year. 

Revenues from toll operations rose 14 percent to P4.04 billion in the January to September period from P3.55 billion in 2015. 

Costs and expenses reached P1.14 billion for the nine-month period. 

Aside from SLEX, SMC also operates the Tarlac-Pangasinan-La Union Expressway, the elevated Skyway system and Skyway Stage 3, the Southern Tagalog Arterial Road or STAR Tollway and the Ninoy Aquino International Airport  (NAIA) Expressway.