METRO Pacific Tollways Corp. (MPTC) said its net income doubled last year because of higher toll revenues.
In a disclosure to the Philippine Stock Exchange, MPTC said its consolidated net income amounted to P1.43 billion, up 114 percent from P666 million in 2009.
The toll operator attributed the increase to the higher toll revenues and lower provisions for probable losses on input value-added tax (VAT).
MPTC operates North Luzon Expressway (NLEX) and Subic Clark Tarlac Expressway (SCTEx).
The company’s net toll revenues amounted to P5.86 billion, 7 percent higher year-on-year.
The daily average toll revenues correspondingly increased to P16.05 million this year from P15.03 million last year, as the company recorded all-time high traffic volume in 2010.
Average daily traffic along NLEX reached 159,882 vehicle entries in 2010, 6 percent higher than in 2009.
Despite the increase in fuel prices, traffic volume improved due to the traffic growth in SCTEx, the opening of Segment 8.1, election-related activities, the influx of tourists during the summer season and weekends, as well as the continuous efforts to make NLEX a better and safer travel route than alternative free roads.
MPTC said the sales of transponders and magnetic cards declined 70 percent because of the outsourcing of the supply, sales and marketing of transponders to Easytrip Services Corp.
Ramon Fernandez, president and chief executive of MPTC had said that the vehicle traffic volume from January to March inched up by 1 percent to 2 percent at the NLEX.
This was weaker than the 5 percent growth in the same period last year.
MPTC expects revenues to hit P7.8 billion this year from P5.9 billion last year.
Its shares were last traded on April 15 at P8 apiece.