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MPTC, in its disclosure to the Philippine Stock Exchange (PSE) on Friday, said its net income, which include non-recurring losses, jumped 26.51 per cent to P607.6 million from P446.5 million. The company atributed the improvements in core and net incomes to the higher-than-expected traffic reported by Manila North Tollways Corp. (MNTC) and the higher contribution of Tollways Management Corp. (TMC). MPTC owns 67.1 per cent of MNTC, the concession operator of the North Luzon Expressway (NLEX). MPTC also owns 46 per cent of TMC, which operates and maintains NLEX. TMC has an interim agreement to operate and maintain the Subic-Clark-Tarlac Expressway (SCTEX), which is owned by the Bases Conversion Development Authority (BDCA). In the same disclosure, MNTC said its core net income rose to P822.2 million in the first half of the year, up 4.1 per cent from P789.9 million last year. Its net income soared to P769.5 million, up 36.1 per cent from P572.3 million last year, due to higher non-recurring foreign exchange losses realized in 2008. Toll revenues reached P2.76 billion for the period or 2.3 per cent higher than last year's P1.70 billion, due mainly to increase in traffic volume. Lower fuel prices, the opening of Subic-Clark Tarlac expressway, marketing programs that promote tourism destinations in the North, and the various road construction projects at MacArthur favorably impacted with traffic at NLEX. Average daily traffic volume for the period, as measured by average vehicle entries (AVE) was 151,653, higher by 4.8 per cent compared with last years AVE of 144,643. The increase in traffic volume was partially offset by the lower tariff effected this year, with reduction of three per cent in toll rates taking place last July 1, 2008. MNTC also reported operating expenses and maintenance costs of P1.15 billion, which was slightly higher by 4.1 per cent from last year's P1.11 billion. MNTC's efforts to improve further operating efficiency and to rationalize costs helped in lowering operating expenses. MNTC's net of financing costs and amortization expenses stood at P822.2 million, an improvement of 4.1 per cent from P789.9 million last year. Consolidated core income of MPTC stood as P551.7 million, representing MPTC's 67.1 per cent ownership in MNTC. TMC's core income reached P141.9 million in the first half of the year, up 65.9 per cent from P85.5 million last year. Its net income also jumped 45.3 per cent to P155.9 million from P107.3 million and revenues rose 11.9 per cent to P798.5 million P 713.7 million. Revenues recognized by TMC represent operators fees charged to MNTC and BCDA for the operations and maintenance of NLEX and SCTEX, respectively. TMC's operating expenses and maintenance costs amounted to P599.1 million from last years P558.8 million, an increase of 7.2 per cent. The company attributed higher operating and maintenance costs from additional expenses related to the operation of SCTEX. Revenues before Interest, taxes, depreciation, and amortization (EBITDA) for the first half of 2009 improved to 28 per cent from 22 per cent for the same period last year. Net of financing income, depreciation and taxes, core income of TMC for the period was at P141.9 million, 65.9 per cent higher compared with the P85.5 million reported last year. MPTC also declared an interim cash dividend of P0.09 centavos per share, equivalent to P450 million and payable on Aug. 24 to shareholders of record as of Aug. 14. The interim cash dividend represents a pay-out ratio of 70 per cent of consolidated core income for the period. (PNA) bl For full details for MEPIF click here.
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