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Traffic, toll revenue boosts Transurban

Trevor Chappell  |  08 Aug 2017Text size  Decrease  Increase  |  

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MELBOURNE - [AAP] Toll road operator Transurban (ASX: TCL) has more than doubled its annual profit to $239 million as increased daily traffic and toll revenue helped lift group revenue 23.6 per cent to $2.7 billion.

Chief executive Scott Charlton says the group continues to invest to make its roads more efficient, with development projects under way in Sydney, Melbourne, Brisbane, and the greater Washington area in the US.

"In addition to developing our portfolio, we have invested in a number of sustainability, technology and safety initiatives to help position for future environments," Mr Charlton said in a statement on Tuesday.

"This includes the launch of our first live connected and automated vehicle trial on our Melbourne network this month which complements the upcoming trials on our Express Lanes in the US."

Transurban's reported net profit for the 12 months to June 30 rose from $99 million a year earlier, when the result was weighed down by one-off costs of $126 million mostly related to the acquisition of the AirportlinkM7 in Queensland.

The company's preferred assessment measure of its operating performance, proportional earnings before interest, tax, depreciation, and amortisation (EBITDA) before significant items, was up 10.1 per cent at $1.5 billion.

Proportional EBITDA is the aggregation of EBITDA from each of the group's assets multiplied by Transurban's percentage ownership, plus the contribution from central group functions.

Transurban expects to pay unit-holders a distribution of 56 cents per security in the 2017/18 financial year, implying growth of 8.7 per cent.

Its securities were 29 cents, or 2.43 per cent, lower at $11.65 at 1050 AEST.

TRANSURBAN LIFTS FY PROFIT

* Statutory annual net profit up 141.4pct to $239m

* Revenue up 23.6pct to $2.7bn

* Proportional EBITDA before significant items up 10.1pct to $1.5bn

* Final distribution of 26.5 cents, fully franked, up from 23 cents

 

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