SMC SLEX Inc. reported a 21-percent net income growth in the first nine months of 2023 despite lower vehicle traffic.
The operator of South Luzon Expressway (SLEX) posted a net income of P3.01 billion in the nine-month period, up from P2.49 billion in the same period last year.
Revenue from toll operations grew 9 percent to P5.15 billion from P4.73 billion last year.
SLEX posted an average daily traffic (ADT) of 351,274, down by 6 percent from 372,471 ADT last year, reflecting the impact of the seamless project which removed the TR3 toll plaza which had an open system with a separate traffic count.
Vehicles are now counted as their respective exits at the toll plazas in Calamba and Batangas, thus reducing the total ADT count.
“The reduction in traffic count under the seamless project has no impact on the toll revenue,” SMC SLEX said.
The average transaction mix for the period was 78 percent for RFID and 22 percent for cash.
Cost of services grew 2 percent to P5.15 billion on higher operations and maintenance, higher amortization of service concession rights, higher Philippine National Construction Corporation share due to increased toll revenue and higher concession insurance premiums offset by lower provision for resurfacing and maintenance obligations.
Operating expenses went down by 14 percent to P276.9 million from P322.8 million on lower depreciation and amortization.
SMC SLEX allocated P7.4 billion for capital expenditures (capex) this year to partially finance the construction of an expressway from Batangas to Lucena and repair and maintenance of the South Luzon Expressway.