SMC tollways unit posts lower earnings in 9 months
The tollways unit of San Miguel Corp. said net income fell 15.5 percent in the nine months to September to P2.18 billion owing to higher operating expenses.
In the third quarter, net earnings of South Luzon Tollways Corp. dipped 14.8 percent to P720.39 million.
Revenue from toll operations rose 6.69 percent to P4.3 billion due to the continuous 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.
SLTC’s operating expenses increased to P129.11 million from P62.71 million last year.