Citra sees revenues of $266M this year

CITRA Metro Manila Tollways Corp. ( CCMTC) said that it expecting toll revenues to up by 12 percent in 2012, from $ 237 million in 2011 to $ 266 million this year.

CCMTC is the concessionaire of the 30-kilometer Skyway System located along one of the busiest areas of Metro Manila, where traffic demand grows continuously. South Luzon Tollway Corp. (SLTC), meanwhile, holds the concession for the 36- kilometer South Luzon Expressway ( SLEX), south of Metro Manila, towards the fast- growing economic zones of Cavite, Laguna, Batangas, Rizal and Quezon provinces or the Calabarzon.

On the other hand, Padma Funds, L.P. (Padma) and San Miguel Corp. (SMC) are now positioned to become the largest stakeholder in Southeast Asia’s toll road sector, after acquiring large holdings in various companies that either own or operate a number of the Philippines’ and Indonesia’s major toll roads.

The SMC-Padma consortium now holds majority shares in Citra and SLTC and their respective operating and maintenance companies.

SMC through its subsidiaries also controls the companies involved in the $ 250- million North Luzon East Expressway and the $ 390- million Tarlac- Pangasinan- La Union Expressway projects.

The consortium is in discussions to add further revenue producing assets to the portfolio. For example, the SMC-Padma consortium is in late stage of discussions to acquire control of Star Infra-