Transurban H1 profit edges up

Transurban Group (TCL) says it will continue to focus on growth opportunities within its existing footprints after that approach resulted in a very modest uptick in first-half profit.

In the six months to December 31, Transurban posted a net profit of $81 million, a very slight 0.1% increase on the $80.94 million reported in the previous first half.

In the same period, revenue was $571.9 million, a 2.3% fall on the previous corresponding period's $585.2 million.

Transurban said proportional toll revenue – its preferred measure of the portfolio’s performance – was $556.2 million, a 13.1% increase on the $491.8 million recorded in prior corresponding period.

The group will pay an interim dividend of 17 cents on February 14. The group said the distribution consists of 13.5 cent distribution from Transurban Holding Trust and a 3.5 cent fully- franked dividend from Transurban Holdings Limited.

"In the second half of calendar year 2014 we expect to reach some major milestones, including completion of the 95 Express Lanes, financial close on the M1-M2, and further progress on the acquisition of the Cross City Tunnel," chief executive officer Scott Charlton said.

"Those projects – and others in the pipeline – are great building blocks for Transurban’s continued success."