SMC tollway unit bares lower income

The tollway unit of San Miguel Crop. said net income dropped by double digits in the first quarter of the year due to the expiration of its tax perks last year. 

South Luzon Tollways Corp. posted a net income of P712.81 million in the first quarter, down 12 percent from P812.20 million last year. 

SLTC blamed the decline in net income to the expiration of income tax holiday in 2016. 

The company’s toll revenue rose 8 percent to P1.39 billion from P1.29 billion due to higher traffic volume indicating high socio-economic activity in the south. 

Majority of vehicles that pass through SLEX belong to the Class 1 category, which account for about 83 percent of the total traffic volume.