Transurban lifts qtr revenue
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Toll road owner Transurban Group (TCL) has recorded a 14% rise in revenue for the three months to the end of September, thanks in part to the end of upgrade work on Sydney's M2 Motorway.
Statutory revenue for the September quarter was $222.6 million, up 14.1% on the previous quarter, while proportional toll revenue, Transurban's preferred measure, rose 13.6% to $275 million.
Transurban on Wednesday said it was the strongest quarterly growth, in percentage terms, recorded since the final three months of 2010.
The stronger revenue was due in part to the completion of the Hills M2 Upgrade, which helped lift traffic on the M2 Motorway, Westlink M7 and Lane Cove Tunnel.
Chief executive Scott Charlton said the upgrade had cut travel item for customers and reduced congestion around the northwest corridor of the company's Sydney network.
He said road upgrades were a key part of Transurban's growth plans.
"Enhancements to key road corridors are central to future growth in this business and there are further opportunities for us to deliver these projects on our networks in the future," he said.
Transurban is seen as the logical buyer of Sydney's Cross City Tunnel, which is in receivership a second time.
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