The issue of toll rates increase and the burden on the government if toll rate increases are not approved is a constant debate in the media and amongst consumer groups.

Many a times it has been said that toll prices have to go up as it cost a lot for the highway concessionaires to service debts and pay for maintenance. But as they say in ‘CSI’, the evidence seems to indicate otherwise.

The recently issued Summary Review of the annual report 2009 of Plus show Plus raking in RM1.185 billion in profit after tax and interest in year ended Dec 31, 2009 as compared to RM1.080 billion in the corresponding period 2008 as well having a cash reserve of RM2.851 billion in short-term deposits.

Plus can afford not to increase toll rates a single sen and still make money. It can even reduce toll rates and still make money.

Does this look like an entity that is making losses or not enough money? If this company is owned directly by the government, then toll prices can be reduced annually by RM1 billion and the operations can still be carried out by just breaking even without any government subsidy.

Plus is not a private company. The annual report indicates that as of March 5, 2010 , 55% of its shares is held by Khazanah and 29% is held by government-related institutions such as EPF, PNB, Tabung Haji and Socso.

What this means is that toll price increases and government compensation for a non-increase (the annual report shows RM2.486 billion in compensation receivable is flowing back to the rakyat but not all of it as only some recipients distribute it out via dividends to their members).

The government, therefore, does own Plus. It is a good dividend generator and any compensation is merely the left hand paying for the right hand. Surely there is a better way to charge toll and set the rates rather then ever increasing it?

By right, when the number of vehicles increases, toll rates should come down as total revenue still goes up albeit for extra maintenance required for heavier usage.