Transurban earns $1b in first half as toll revenue jumps
February 12, 2019
The Age
Transurban's toll revenue jumped 9.3 per cent in the first half of the year, boosting its underlying earnings to $1 billion.
The toll road giant on Tuesday reported that fees received from its roads - which include the Cross City Tunnel and M5 in Sydney, and Melbourne's CityLink - grew $167 million to $1.29 billion in the six months to December 31.
In Sydney, toll revenue grew 7.7 per cent to $513 million, with average daily traffic up 2.1 per cent.
Fees from its Melbourne roads were up 5.6 per cent to $409 million, with traffic growing by 4.6 per cent.
Takings in Brisbane were up 1.7 per cent to $208 million, while revenue from North America jumped 42 per cent to $167 million after it bought the seven-kilometre A25 toll road in Montreal.
Transurban's total revenue including fees from constructing new roads grew 30.2 per cent to $2.1 billion.
The company said its underlying earnings before interest, tax, depreciation and amortisation for the half rose 9.8 per cent to $1 billion. Including $308 million of significant items from buying new roads, EBITDA fell 24 per cent to $693 million.
Net profit after tax fell 56 per cent to $145 million, driven down by an extra $163 million in depreciation and amortisation, mainly relating to the consolidation of Sydney's M5 West and Melbourne's CityLink Tulla Widening project.
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