The tollway unit of San Miguel Corp. booked a net income of P2.43 billion in the first nine months of 2019, up 2 percent from P2.27 billion year-on-year, boosted by higher vehicle traffic volume.
South Luzon Tollways Corp. registered a profit of P779.8 million in the third quarter, up 2 percent from P763.4 million on year, on higher toll revenue and interest income.
Year-to-date revenue improved 4 percent to P4.68 billion from P4.51 billion last year due to increased traffic volume.
Toll revenue posted an increase of 4 percent in the third quarter to P1.54 billion from P1.48 billion a year ago.
“Traffic volume in Southern Luzon continuous to be enhanced by the rapid expansion of residential and industrial areas, spurred by the government’s decentralization drive to stimulate business activities outside Metro Manila,” SLTC said.
In addition, the company said the growing logistics sector had brought about the construction of several warehouses along and nearby the South Luzon Expressway.
SLTC in March 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 Barangay 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.
SLTC will break ground today on the extension of South Luzon Expressway from Sto. Tomas, Batangas to Lucena City, Quezon.
San Miguel said the 66.74-kilometer South Luzon Expressway Toll Road 4 would significantly reduce travel time between the provinces south of Metro Manila.
The project is expected to be completed in three years or by 2021.
The toll road will be divided into six sections, namely Sto Tomas, Batangas to Makban in Laguna (11.32 km); Makban to San Pablo City (12.75 km); San Pablo to Tiaong in Quezon (7.5 km); Tiaong to Candelaria (15 km); Candelaria to Tayabas (10.21 km); and Tayabas to Lucena (9.96 km).
TR4 is a part of SLTC’s 30-year concession that will last until 2036.