Toll road owner Macquarie Atlas Roads says it may be able to declare a distribution in early 2013.
The group on Thursday posted a loss for the first half of the 2012 calendar year, due partly to its share of losses from its co-owned toll roads overseas.
The net loss of $75.2 million for the six months to June 30 was an improvement from its $106.4 million loss in the prior corresponding period.
Toll road companies often book accounting losses in the early stages of the life of their assets.
Macquarie Atlas Roads’ preferred measure of performance, proportionate EBITDA (earnings before interest, tax, depreciation and amortisation) rose by 3.5 per cent to $244.8 million.
Proportionate EBITDA reflects the results of the roads portfolio in proportion to the group’s beneficial ownership interest.
“As previously foreshadowed, Macquarie Atlas Roads did not declare a dividend for the six months to 30 June, 2012,” the company said.
“Based on the current outlook, Macquarie Atlas Roads anticipates being able to declare a dividend in the first quarter of 2013.”
Macquarie Atlas Roads has interests in six toll roads in the United States, the United Kingdom, Germany and France.
Macquarie Atlas Roads was formed from the 2010 restructure of Macquarie Infrastructure Group into two separately listed toll road companies.
The company’s share of net losses from its portfolio of roads increased to $33.4 million in the first half of 2012 compared to a $17.3 million loss in the previous corresponding period.
The total loss of $33.4 million comprised a loss of $26 million on the Autoroutes Paris-Rhine-Rhone (APRR) toll road in France compared to a profit of $11 million in 2011; a loss of $7.4 million on the Dulles Greenway toll road in the US compared to a loss of $10.8 million in 2011; and no loss on the Chicago Skyway toll road in the US compared to a loss of $17.5 million in 2011.
There was no loss booked for the Chicago Skyway in the first half of 2012 because the carrying value of the road had been reduced to nil.
Macquarie Atlas Roads said the increased losses partly reflected losses on interest rate swaps and higher debt-related amortisation.
Macquarie Atlas Roads said proportionate revenue from its roads rose by 1.4 per cent to $330.8 million in the first half of 2012 despite a 1.9 per cent fall in traffic volumes.
Revenue was boosted by toll increases.
“Macquarie Atlas Roads’ portfolio of toll roads has continued to generate positive revenue and EBITDA growth during the period despite difficult economic conditions in Europe and the US,” chief executive Peter Trent said.
Securities in Macquarie Atlas Roads were 1.5 higher at $1.455 at 1329 AEST.
