SLEX operator boosts earnings 19%

South Luzon Tollway Corp. (SLTC), a unit of diversified conglomerate San Miguel Corp. (SMC), saw its net income rise by nearly a fifth in the first quarter this year from last year amid higher revenues from toll operations.

In a filing, the operator of the South Luzon Expressway (SLEX) said its net earnings reached P813.21 million in the first quarter this year, a 19 percent increase from the P680.63 million in the same period last year.

Revenues grew 11 percent to P1.29 billion from January to March compared with P1.16 billion in the same period last year.

Class 1 category vehicles accounted for the bulk or about 80 to 82 percent of total traffic volume on the SLEX, showing the high consumer socio-economic activity on the expressway.

Last year, SMC announced it is investing P168 billion for the construction of modern toll roads and highways.

SMC through SLTC is spending P13.1 billion to construct the SLEX-Toll Road 4 which would extend the highway all the way to Lucena in Quezon from Sto. Tomas in Batangas.

The four- lane, 58- kilometer expressway project is seen to make travel to and from Southern Tagalog provinces such as Batangas, Laguna, Quezon, and Bicol, faster and safer.

In particular, the project would cut travel time between Sto. Tomas and Lucena to just one hour from the usual four hours.

Apart from SLEX, SMC also operates the Tarlac-Pangasinan-La Union Expressway, the elevated Skyway system and Skyway Stage 3, the Southern Tagalog Arterial Road or STAR Tollway and the NAIA Expressway.