NLEX Corp. said net income dropped 17 percent in the first three months of the year due to manpower reduction program and expenses related to installation of RFID to all vehicles as mandated by the government.
The operator of NLEX and Subic Clark Tarlac Expressway (SCTEX) said net income amounted to P1.1 billion in the January-to-March period from P1.26 billion in the same period last year.
NLEX blamed the decline in net income to the higher financing and amortization costs relating to the recent opening of expansion projects combined with one-time charges relating to the employee separation program and the RFID program.
The company’s toll revenues amounted to P3.41 billion, up 1 percent from P3.37 billion, as traffic figures gradually recovered since the imposition of quarantine measures in March 2020.
Traffic exceeded 2019 figures in he first three months of the year. SCTEX traffic while trending upward, however, still lags behind the first quarter 2020 figures.