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Transurban doubles profit as toll revenue soars to $2.34bND
Patrick Hatch, The Sydney Morning Herald, Tuesday 7 August 2018
Higher road-user fees have helped to more than double Tollroad giant Transurban’s annual net profit to $468 million, the company revealed on Tuesday. Its revenue grew 8.7 percent last financial year to $2.34 billion, off the back of traffic growth of 2.2 percent acros its network of tollroads across Australia and North America. Growth was most significant in Melbourne, where revenue from CityLink jumped 13.4 per cent to $780 million. Traffic grew 1.4 per cent in total on that road, with some disruption due to works on the Tullamarine freeway, but the number of trucks using the road grew almost 9 per cent. That, along with higher truck fees, resulted in the jump in revenue, Transurban said. In North America, where Transurban earns almost ten percent of its revenue from roads in the Greater Washington Area, revenue grew 7.1 percent on traffic growth of 1.9 percent. The company also received a little help from President Trump’s corporate tax cut in the shape of a $105 million boost from a deferred tax asset.
For the full story see www.smh.com.au