South Luzon Tollways Corp. said net income dropped by 88 percent in the second quarter of the year mainly due to travel restrictions during the enhanced community quarantine (ECQ) period.
The tollway unit of San Miguel Corp. said net profit amounted to P99.2 million in the April to June period from P829.6 million in the same period last year.
In the first half of the year, net income also went down by 57 percent to P713.3 million compared to P1.66 billon in the same period last year.
The company’s toll revenue for the first half amounted to P1.98 billion, 37 percent lower than last year’s P3.14 billion mainly due to the significant drop in traffic volumes.
Second quarter revenue amounted to P674.7 million, 58 percent lower that last year’s P1.60 billion.
“The implementation of the ECQ starting March 15 until May 15 in the National Capital Region and several provinces in Luzon that restricted and allowed only essential travel, has impacted on SLEX’s traffic volume during the period,” SLTC said.
The company, however, traffic flow have shown a recovery after the ECQ has been used to modified ECQ from May 16 to May 31 and General Community Quarantine starting June 1.