Transurban Group has lifted toll revenue in the December quarter after completing an upgrade to the M2 in Sydney and affirmed that its M5 project is on schedule and on budget.
In a statement to the Australian Securities Exchange, the group said the M5 project is 60% complete and expected to be finished late this year, adding that the traffic impacts associated with construction remain in line with expectations.
Toll revenue lifted by 12.6% to $228.1 million in the December quarter, compared to the previous corresponding period.
For the half year ended December 31, toll revenue lifted by 13.3% to $450.6 million, Transurban said.
The group said proportional toll revenue, which it believes is the most accurate reflection of performance, lifted by 12.6% in the December quarter to $281.3 million.
For the half year, proportional toll revenue increased by 13.1% to $556.2 million.
Transurban said another strong quarter of patronage on its Sydney network underpinned the result, reflecting travel time improvements after the completion of its M2 upgrade in August.
Average traffic growth across the Westlink M7, Hills M2 and Lane Cove Tunnel was 10.7% for the quarter, Transurban said.