Nlex net income down 10% in 1Q

NLEX Corp. said net income fell by 10 percent in the first quarter of the year due to the imposition of Luzon-wide enhanced community quarantine (ECQ).

The operator of North Luzon Expressway and Subic Clark-Tarlac Expressway posted a net income of P1.3 billion in the January to March period from P1.4 billion in the same period last year. 

Total revenues reached P3.4 billion, lower by 1 percent compared to P3.5 billion posted during the first quarter of 2019. 

“The decrease in revenues was due to the lower traffic seen during the Government’s implementation of the Luzon-wide Enhanced Community Quarantine (ECQ) starting March 16, 2020 to curb the spread of COVID-19 pandemic,” NLEX said.

The average daily traffic for the NLEX reached 237,228 daily vehicle entries, while average daily traffic in SCTEX reached 61,802 daily vehicle entries.

The traffic figures in both expressways were lower by 10 percent versus than the same period last year.

NLEX said the  decrease in the traffic figures were offset by the implementation of toll adjustments in the open system arising from the completion of Segment 10 project effective March 21, 2019.  

“However as, restrictions were eased, starting in May we have seen a significant improvement in the number of vehicles using the NLEX and SCTEX,” NLEX said. 

In addition to toll revenues, NLEX also generated revenues from advertising, toll services and utility facilities and rental and service income for the first quarter amounting to P73 million, higher by  1 percent than P72 million posted during the same period last year. 

 NLEX currently spans about  102 kilometers or 573-lane kilometers and services an average of 270,718 vehicles per day in 2019. The NLEX is the main infrastructure backbone that connects Metro Manila to Central and Northern Luzon. 

SCTEX, on the other hand, is a 91-km, 2×2 expressway stretching from Subic-Tipo until La Paz, Tarlac, connecting the special economic zones in Subic and Clark, Olongapo City, to Tarlac City. 

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