The tollway unit of San Miguel Corp. said net income fell 15.5 percent in the first nine months, on higher operating expenses.
South Luzon Tollways Corp. said net income amounted to P2.18 billion in January to September, down from P2.58 billion in the same period last year.
The company said net income in the third quarter alone amounted to P720.39 million, down 14.8 percent from P845.59 million last year.
Revenue from toll operations rose 6.69 percent to P4.30 billion from last year’s P4.03 billion.
SLTC attributed the increase in the toll revenue from the higher traffic volume due to the expansion of housing communities and consumer socio-economic activities in the south of Manila.
“These development enhanced the volume for class 1 vehicles. Traffic volume for Class 3 vehicles also went up mainly due to the thriving Calabarzon, the second most densely populated region after NCR,” SLTC said.