MNTC’ profit jumps 38%
Tollroad operator Manila North Tollways Corp. (MNTC) saw its earnings jump in the first semester of 2016, citing traffic growth at the North Luzon Expressway and contributions from Subic Clark Tarlac Expressway.
MNTC, a unit of Manuel V. Pangilinan-led Metro Pacific Investments Corp., said net income jumped 38 percent to P2 billion during the period, while revenue hit P5.28 billion, up 30 percent.
The company said in a regulatory filing that the average daily traffic at the NLEx rose 9.1 percent to 219,132 vehicles from January to June 2016. SCTEx booked 45,609 daily entries, MNTC said.
MNTC obtained the deal for the management, operation and maintenance of the SCTEx in Oct. 27 last year. The tollroad is a 94-kilometer expressway linking Subic-Tipo in Olongapo, Zambales to La Paz, Tarlac.
The North Luzon Expressway spans about 95 km. It is considered a major “infrastructure backbone” that connects Metro Manila to 15 million people in Central and Northern Luzon.
MNTC is a core unit of Metro Pacific, which is also involved in water distribution, power generation and retail, railway operations, and hospital operations. It was held under Metro Pacific subsidiary Metro Pacific Tollways Corp., which also operates the Cavite Expressway, or Cavitex.
Metro Pacific Tollways earlier outlined plans to invest about P132 billion in toll roads and bridges over the next few years.
Currently, MNTC is locked in a legal dispute with the government over the increase in toll fees for the NLEx and Cavitex.
In April, MNTC and the operator of Cavitex each issued a notice of arbitration and statement of claim to the Republic of the Philippines, through the Toll Regulatory Board.
This was to obtain compensation amounting to about P3 billion (for NLEx as of end-December 2015) and P877 million (for Cavitex as of March 27 this year) for TRB’s inaction on adjustments due since 2012.