New projects hike profits of Metro Pacific Tollways

(Update) Lower fuel prices and new road projects boosted Metro Pacific Tollways Corp.’s (MPTC) profits during the first half this year, its president and chief executive officer Ramoncito S. Fernandez said. Earnings rose to P607.6 million during the first six months, 36.08 percent higher than last year’s P446.5 million. Core income rose 5.98 percent to P636.5 million from P600.5 million. “Lower fuel prices, the opening of Subic-Clark-Tarlac expressway (SCTEX), together with marketing programs promoting tourism destinations in the North, as well as the various road construction projects at McArthur [Highway] favorably impacted our traffic at North Luzon Expressway (NLEX)," Fernandez said during the annual stockholders’ meeting on Friday. The company’s two subsidiaries – Manila North Tollways Corp. (MNTC) and Tollways Management Corp. (TMC) – also adopted various cost management and automation development systems which helped improved its bottomline, he added. MNTC, which is 67.1-percent owned by MPTC, runs and maintains the NLEX. Toll revenues reached P2.76 billion, up 62.35 percent from P1.70 billion on higher traffic volume, which was partially offset by lower tariffs effected this year. Average daily traffic, as measured by average vehicle entries, rose 4.84 percent to 151,653. MNTC's net income grew 34.46 percent to P769.5 million. TMC, which is 46 percent owned by MPTC, operates and maintains NLEX for MNTC. It also has an interim agreement to operate and maintain the SCTEX, which is owned by the Bases Conversion Development Authority (BCDA). Net income soared to P155.9 million, 45.29 percent higher than last year. Similarly, revenues grew 11.88 percent to P798.5 million, representing operator's fees charged to MNTC and BCDA for the operations and maintenance of NLEX and SCTEX, respectively. These results prompted the company to declare an interim cash dividend of nine centavos per share equivalent to P450 million to stockholders as of August 10. The dividend will be paid on August 24. “This interim cash dividend represents a pay-out ratio of 70 percent of consolidated core income for the period," Fernandez said. - GMANews.TV