SMC tollway unit books P2.43B profit in 9 months
The tollway unit of San Miguel Corp. said net income rose by 2 percent in the first nine months of the year, boosted by higher vehicle traffic volume.
South Luzon Tollways Corp., the tollway unit of San Miguel Corp., reported a net income of P2.43 billion in the nine months to September, up two percent year on year on higher toll revenue and higher interest income.
Revenue rose four percent to P4.68 billion, P1.54 billion of which came from toll fees.
The growing logistics sector has brought about the construction of several warehouses along and nearby the South Luzon Expressway.
Last March, SLTC started the construction of the 66.74-kilometer SLEX Toll Road 4 that would connect Sto. Tomas, Batangas to Lucena City, Quezon.
The toll road will shorten the travel time from Sto. Tomas, Batangas to Bgy. Mayao in Lucena City from the usual three hours to just 45 minutes.
The new road is expected to boost economic activity through the faster transport and delivery of goods and services and cut vehicle volume along the busy Maharlika Highway, one of the main roads leading to the provinces of Laguna, Batangas, Quezon and the Bicol region.