NLEX-SCTEx operator more than doubles income in 2010

Higher revenues and lower expenses more than doubled the net income of Metro Pacific Tollways Corp., the operator of North Luzon Expressway and the Subic-Clark-Tarlac Expressway, in 2010. In a regulatory filing with the Philippine Stock Exchange on Friday, MPTC, a wholly-owned subsidiary of Metro Pacific Investments Corp., reported that its net income jumped 114 percent to P1.43 billion from P666 million in 2009. On the one hand, "net toll revenues amounted to P5.858 billion, seven percent higher year-on-year. Daily average toll revenues correspondingly increased from P15.03 million last year to P16.05 million this year, as the company recorded all-time highs in traffic volume in 2010," MPTC said. On the other hand, general and administrative expenses were lower by 43 percent or P745 million at P990 million from P1.735 billion in 2009 "primarily because of the decrease in provision for potential losses on input VAT, outside services, depreciation, office supplies, donations and contributions." "As a percentage of consolidated revenues, consolidated general and administrative expenses decreased to 17 percent in 2010 from 31 percent in 2009," the company added. MPTC owns 67. 1 percent of Manila North Tollways Corp. and 46 percent of Tollways Management Corp. With NLEX and SCTEX in its toll road portfolio, MPTC is currently the biggest toll road developer in the country with more than 800 lane-kilometers of toll roads under its management. -- CMA/OMG, GMA News