NLEx’s income rises 16% to P1.07b
NLEx Corp. said Thursday net income rose 16 percent in the first quarter from a year ago, boosted by higher vehicle traffic.
The operator of North Luzon Expressway and Subic Clark Tarlac Expressway said net profit reached P1.07 billion in January to March, up from P922 million in the same period last year.
“The growth is attributed to the higher traffic during the period for both NLEx and SCTEx, and lower operating costs,” NLEx said.
The average daily traffic for NLEx increased 7 percent to 229,633 daily vehicle entries from the same period last year, while average daily traffic at SCTEx went up 20 percent to 51,128 daily entries.
Total revenues in the first quarter grew 8 percent to P2.79 billion from P2.59 billion recorded in the first quarter of 2016.
Non-toll revenues climbed 33 percent to P47.7 million from P35.7 million a year earlier, on higher income generated from toll service facilities and advertising revenues.
The company recently asked the Toll Regulatory Board to approve toll adjustments at NLEx.
NLEx wanted to add P0.26 per kilometer on the current P2.37 per km closed system toll rates for class 1 vehicles (cars, jeepneys, pickup trucks and vans).
For class 2 vehicles (two-axle trucks, buses and vans), NLEx requested for additional P0.66 per km on the current P5.94 per km and class 3 vehicles (trucks and trailers with three or more axles).
“Failure to immediately impose and collect the adjusted toll rates would result to an outright delay or stoppage of urgently needed improvements and expansion of the NLEx,” NLEx president and chief executive Rodrigo Franco said.
NLEx and Cavitex Infrastructure Corp. each issued a notice of arbitration and statement of claim to the government last year to obtain compensation amounting to about P3 billion for NLEx and P877 million for Cavitex.
Franco said the total claims for overdue toll rate adjustment reached P6 billion.