Macquarie Atlas' profit lifts

Group posts $1.4bn net profit on deconsolidation of M6 Toll assets.

Macquarie Atlas Roads Group (MQA) has posted a steep increase in interim net profit following the deconsolidation of its M6 Toll group. 

In the six months to June 30 Macquarie Atlas' net profit was $1.40 billion. In the previous period net profit was $75,177.

The result was also hit by a one-off non-cash expense of $510 million resulting from the discontinuation of hedge accounting for the M6 Toll swaps.

In the same period revenue from continuing operations was $161,000, a fall on the $291,000 in the previous corresponding half.

The group said its revenue from continuing operations solely reflects interest income due to the fact that after deconsolidation of the M6 Toll group, Macquarie Atlas no longer has any consolidated toll roads.