Metro Pacific Tollways Corporation (“MPTC”) recorded Core Net Income of ₱1.1 billion in the first three months of 2018, a 16% increase from the ₱1.0 billion recorded a year earlier. System-wide vehicle entries increased by 57% to an average of 914,152 a day due mainly to the traffic contribution from its investment in PT Nusantara Infrastructure Tbk (“PT Nusantara”) in Indonesia.
Tollroads in the Philippines:
Average daily vehicle entries for all three of our domestic tollways system (NLEX, CAVITEX and SCTEX) rose 10% to 472,653 compared with 429,718 in the first three months of 2017.
Traffic on the NLEX grew 9% and surged by 17% on the SCTEX following integration of these two roads and opening of additional lanes in 2017. Traffic on the CAVITEX rose 8% driven by growth in residential communities in Cavite and tourism in Batangas.
Progress on new projects is as follows:
NLEX Harbour Link (₱10.5 billion, 5.8 km) to Caloocan City will be completed this year with 70% of the Right of Way (ROW) commitment of the Government delivered to date. Direct travel between the Ports of Manila and the NLEX will then be reduced to only 10 minutes.
NLEX Harbour Link Radial Road 10 (₱6.7 billion, 2.6km) broke ground in August 2017. With 70% of the ROW delivered, construction is expected to start in the first half of 2018 with completion in 2019.
CAVITEX C5 South Link Expressway (₱12.6 billion, 7.7km) joining C-5 Road Taguig to R-1 (Coastal) is in full construction with completion due in 2020 assuming the Government delivers on its promised completed ROW by 2019. Current ROW progress is at 48%.
Cebu-Cordova Link Expressway (₱26.3 billion, 8.3km) contract award was made in November 2017. ROW progress at 91% and construction completion due in 2021.
Cavite Laguna Expressway (₱16.9 billion, 44.6km) construction of the Laguna section commenced in the second half of 2017, a portion of which will be completed by the first quarter of 2019. The EPC contract for the Cavite section was awarded in March 2018 and construction broke ground in April. Progress on ROW delivery is only at 21% based on land area and the company is working closely with the Government to accelerate delivery of the ROW in order to achieve completion of the toll road by 2020.
NLEX-SLEX Connector Road (₱23.3 billion, 8.0km elevated) construction is due to start in the third quarter of 2018 assuming formal turnover of the site by second quarter of this year. Completion due in 2020.
MPTC will spend approximately ₱122.8 billion in the next five years on building highways and tollroads around the Philippines. The amount of investment is an estimate that assumes the satisfactory resolution of various overdue tariff adjustments, now ranging between 20% and 48% on different parts of the network.
Tollroads outside the Philippines:
DMT in Bangkok reported a 3% increase in daily traffic to 102,375 in the first three months of 2018.
CII B&R in Vietnam saw a decreased in vehicle entries to 33,297 in the first three months of 2018 from 52,363 a year earlier due to end of concession period for the Rach Chiec Bridge. Traffic is expected to improve again by 22,979 with the opening of a completed section of the Hanoi Highway Expansion Project by fourth quarter of 2018. PT Nusantara’s traffic in Indonesia increased by 2% to 305,827 in the first three months 2018.
Our presence now in the Philippines, Thailand, Vietnam and Indonesia means we are well on the way to establishing a PAN-ASEAN Tollways group.