Toll road operator Macquarie Atlas Roads has decreased its first half loss and expects revenue and earnings to increase in the next 12 months.

The company has interests in six toll roads in the United States, United Kingdom, Germany and France.

It was formed from the 2010 restructure of Macquarie Infrastructure Group into two separately listed toll road firms.

Macquarie Atlas Roads reported a $106.4 million loss for the six months to June 30, an improvement from the previous corresponding period’s $226.1 million loss.

The result includes net losses of $17.3 million on its investments, plus operating costs of $92.2 million, more than double that of the previous corresponding period.

Taking out the impact of accounting losses, which the company said had no impact on its operating performance, proportionate revenue of $344.3 million was up 4.2 per cent on the previous corresponding period.

Proportionate earnings before interest, tax, depreciation and amortisation (EBITDA) of $248 million was up 5.4 per cent from the previous corresponding period.

Traffic volumes in the six months to June were down 0.3 per cent, but toll revenue rose 4.1 per cent.

Chief executive Peter Trent said revenue and EBITDA were expected to rise in the next 12 months across most of the company’s toll roads portfolio, despite some potential softening in economic conditions.

Refinancing of debts on the APRR toll road in France was continuing with the aim of agreement by early 2012, he said.

Successful completion of that refinancing would be an important step towards the company commencing dividend payments, Mr Trent said.

Macquarie Atlas roads wholly owns the M6 in the United Kingdom, has a 70 per cent interest in Germany’s Warnow Tunnel, half owns the Dulles Greenway road in the United States, and has smaller stakes in the Indiana Toll Road and Chicago Skyway in the US and the APRR.

Its securities were up half a cent at $1.475 on Monday.