Higher traffic boosts Transurban's revenue
Market watch top headlines
Toll road operator Transurban has lifted its revenue in the first half of 2012/13 due to increased traffic on its roadways.
Transurban owns Melbourne's CityLink and the M2 and Lane Cove Tunnel in Sydney.
It also has a major stake in Sydney's Eastern Distributor, and a 50 per cent interest in Sydney's M7 and M5.
The company said toll revenue for the three months to December 31, 2012, was $202.6 million, up 4.9 per cent from the same period in the previous year.
That took toll revenue for the first half of 2012/13 to $397.7 million, up 3.1 per cent from the previous corresponding period.
Average daily traffic during the six months to December was higher on CityLink, and the M7, compared with the same period in the previous year.
Traffic was steady on the Lane Cove Tunnel, and down by less than one per cent on the Eastern Distributor and M5.
Daily traffic was down two per cent from the previous corresponding period on the M2 due to upgrade work, Transurban said.
"Transurban's Australian assets have performed well in the December quarter," chief executive Scott Charlton said in a statement.
"CityLink, which makes up 50 per cent of the portfolio, recorded 5.8 per cent revenue growth - an excellent result in a patchy local economy.
"Most pleasing was the ongoing increase in demand as the quarter progressed."