The tollways unit of San Miguel Corp. said net income rose 5 percent in the first six months of the year due to higher vehicle traffic volume.
South Luzon Tollways Corp. booked a net profit of P791.2 million in the January-to-June period from P750.6 million year-on-year.
The company’s toll revenues amounted to P1.55 billion, up six percent from last year’s P1.47 billion, driven by higher vehicle traffic volume.
SLTC attributed the increase in revenue during the period to the expansion of housing communities and vibrant consumer socio-economic activities and industrial development in the south of Manila.
“These developments enhanced the volume for class 1 vehicle. The traffic volume for class 3 vehicles also went up mainly due to the thriving Calabarzon, the second most densely populated region after NCR [National Capital Region],” SLTC said.
Earlier, SLTC said it would spend P14.85 billion to extend South Luzon Expressway by more than 56 kilometers from Sto. Tomas, Batangas to Tayabas, Quezon.
The project is divided into five sections. Section 1 covers Sto. Tomas, Batangas to Macban, Laguna (11.32 km); Macban, Laguna to San Pablo, Laguna (12.2 km); San Pablo, Laguna to Tiaong, Quezon (7.5-km); Tiaong to Candelaria, Quezon (15 km) and Candelaria to Tayabas/Lucena, Quezon (10.93 km).
SLTC said the project would reduce travel time along the 58-kilometer stretch between Sto. Tomas and Lucena from four hours to one hour.
The company said the project would enhance the economic efficiency of the existing SLEx, allowing to meet the increasing demand of traffic volume due to the rapid growth population, urbanization and economic development of Quezon province and adjoining provinces.
The project is expected to be completed by 2021.
The expansion to TR4 is part of SLTC’s 30-year concession or until 2036.