MPTC income rises 26% to P1.26 B in 2011

Metro Pacific Tollways Corp. said its net income grew 26.2 percent to P1.26 billion due to higher contributions from units Manila Tollways Corp. and Tollways Management Corp.

Based on a financial report submitted to the Philippine Stock Exchange, MPTC said core net income inched up to P1.48 billion from P1.46 billion.

MNTC reported a 20.8 percent growth in net income to P1.58 billion on the back of a 10.4 percent rise in revenues. Core net income attributed to MPTC stood at P1.34 billion representing its 67.1 percent ownership in MNTC.

MNTC holds the concession to operate and maintain North Luzon Expressway ( NLEX). It signed a business operating agreement with the Bases Conversion Development Authority for the management, operation and maintenance of the SubicClark- Tarlac Expressway ( SCTEX) last October 2011 and will take over SCTEX once the approval of President Aquino is secured.

Average vehicle entries totaled 158,342 per day, lower by one percent compared with 2010. Traffic volume was affected by high fuel prices and inclement weather.

MNTC also paid income taxes amounting to P550 million with the expiry of its income tax holiday granted for NLEX Phase 1.

On the other hand, TMC recorded a net income of P414.2 million, 17.1 percent higher than the 2010 level. Core net income was up 22.4 percent to P405.1 million while revenues went up eight percent to P1.75 billion

Core net income attributable to MPTC amounted to P185.6 million.