SMC tollway unit reports lower profit

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Credit: Read the original article from Manila Standard Business.

The tollway unit of San Miguel Corp. said Thursday net income fell by 50 percent in the first nine months because of travel restrictions amid the COVID-19 pandemic.South Luzon Tollways Corp. said it booked a net income of P1.20 billion in the January-September period, down from P2.43 billion it earned in the same period last year.SLTC said net income in the third quarter amounted to P496 million, down 36 percent from P779.8 million a year ago.

The company’s toll revenue in the first nine months declined 32 percent to P3.18 billion from P4.68 billion following the significant drop in traffic volume in the second quarter.Third-quarter toll revenue amounted to P1.19 billion, 23 percent lower than last year’s P1.54 billion. “Traffic flow have shown a recovery after the ECQ has been eased to modified EQQ from May 16 to May 31 and general community quarantine starting on June 1,” SLTC said.

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