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Transurban profit more than triples

Melissa Jenkins  |  13 Feb 2018Text size  Decrease  Increase  |  
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MELBOURNE - [AAP] Transurban (ASX: TCL) has more than tripled its first-half net profit to $331 million, following strong growth in toll revenue, particularly in the US and Melbourne.

The toll road developer and operator booked a $331 million net profit for the six months to December 31, up from $88 million the previous corresponding period.

Revenue was up 21.9 per cent to $1.6 billion, with toll revenue jumping 9.6 per cent to $1.1 billion.

Investors welcomed the result, with Transurban shares climbing 0.9 per cent to $11.46 by 1015 (AEDT) on Tuesday.

Transurban has toll roads in Sydney, Melbourne, Brisbane and the Greater Washington Area in the US.

The largest toll growth was in the Greater Washington Area, where Transurban lifted revenue by 17.9 per cent thanks to high demand during peak periods and more traffic using the roads.

In Australia, toll revenue grew by 14.2 per cent in Melbourne, 9.8 per cent in Sydney and 3.5 per cent in Brisbane.

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Chief executive Scott Charlton said the company had a significant pipeline of projects under way across all regions.

"In the past five years, Transurban has invested more than $16 billion into improving urban road networks across Australia and the Greater Washington Area to give people more transport choices," he said.

Transurban will pay a fully franked total interim distribution of 28 cents per share, up three cents from the previous corresponding period.

TRANSURBAN TRIPLES FIRST-HALF PROFIT

* Net profit up 280.2pc to $331m

* Revenue up 21.9pc to $1.6bn

* Interim dividend up three cents to 28 cents, fully franked

 

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