Business

SMC tollroad unit posts lower Q1 profit amid COVID-19 restrictions

San Miguel Corp. unit South Luzon Tollway Corp. reported a 26% drop in net income in the first quarter to P614.1 million due to travel restrictions as a result of Luzonwide lockdown.

Toll revenue declined by 15% to P1.31 billion mainly due to a freefall in traffic since the government issued its lockdown order.

SLTC has started the construction of the 66.74-kilometer SLEX Toll Road 4 which will connect Sto. Tomas, Batangas to Lucena City, Quezon. This will shorten the travel time from Sto. Tomas, Batangas to Lucena City from the usual three hours to just 45 minutes.

The project is targeted for completion in three years or by 2021.

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