Transurban toll revenue rises

Toll road group Transurban has lifted its revenues in both the full year and the June quarter.

Transurban Group Ltd has increased its toll revenue in the full year, on the back of strong traffic growth across its portfolio.

In the twelve months to June 30, Transurban's statutory toll revenue lifted 4.7% to $801.2 million, from $765.4 million in 2012.

For the three months to June 30, Transurban's toll revenue increased by 6.8% to $207.1 million, from $193.8 million in the previous corresponding period.

Full-year proportional revenue came in at $991.41 million, a 5% increase on the previous year's $943.9 million.

In the June quarter, proportional revenue, which Transurban said was the most accurate reflection of the portfolio's performance, lifted 7.1% to $256.5 million from $239.5 million in the previous corresponding period.

Transurban said the strong revenue results were "underpinned by solid traffic growth across the portfolio during the quarter".

The group's largest asset, Melbourne's CityLink, saw a 3.2% spike in traffic growth for the quarter, which amounted to a 5.6% increase in revenue.

"In Sydney, progress on the Hills M2 upgrade contributed to traffic growth on the M2, Lane Cove Tunnel and Westlink M7," Transurban said.

Transurban chief executive officer Scott Charlton said the Hills M2 upgrade had reached its final stages and was expected to reach completion in August 2013.

"The works west of Pennant Hills Road were finalised in mid-April, and residents of Sydney’s North-West corridor are beginning to benefit from the enhancement of that critical element of the corridor," he said.

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