The tollway unit of San Miguel Corp. said it will be spending P6.74 billion this year to partially fund the construction of a toll road from Batangas to Quezon as wells as maintenance and building of additional toll plaza at South Luzon Expressway.
South Luzon Tollways Corp. said of the total capital expenditures (capex) this year, P5.54 billion will be allotted to the construction of TR4, a four-lane toll road from Sto. Tomas in Batangas to Lucena, Quezon and SLEX widening project.
The P26.1 billion toll road will shorten the travel time from Sto. Tomas, Batangas to Barangay Mayao in Lucena City from the usual three hours to just 45 minutes.
The project is expected to be complete in 2024.
TR4 is a part of SLTC’s 30-year concession which will last until 2036.
SLTC also allotted P931.9 million for tollway facility improvement, replacement of various toll equipment, preventive maintenance for toll collection system/network enhancement project.
The remaining P268.3 million will be spent for asphalt, resurfacing, pavement, and bridge repair, restoration of toll facilities.
SLT C earlier reported a net income of P614.1 million in the January to March period, down by 26 percent from P831.3 million in the same period last year.
The company’s toll revenue reached P1.31 billion, lower by 15 percent from last year’s P1.54 billion mainly due to the decrease in traffic volume.
SLTC blamed the decline in traffic movement in SLEX to the ECQ in the National Capital Region and several provinces in Luzon last March 15.
Costs and expenses amounted to P463.76 million in the first quarter, down from P467.13 million in the same period last year.