Toll road operator Transurban has lifted toll revenue in the first half of 2012/13 despite only modest traffic increases.
The owner of Melbourne’s CityLink and the M2 and Lane Cove Tunnel in Sydney said toll revenue for the first half was $397.7 million, up 3.1 per cent from the previous corresponding period.
Toll revenue for the three months to December 31, 2012, was $202.6 million, up 4.9 per cent from the same period in the previous year.
Higher tolls boosted revenue, with traffic gains below revenue gains in percentage terms.
The Hills M2 road and M5 South West Motorway in Sydney posted slight falls in traffic and 1.2 per cent and 7.6 per cent revenue gains respectively for the second quarter.
Average workday and daily traffic during the six months to December was less than two per cent higher on its biggest asset, Melbourne’s CityLink, which increased revenue by 5.8 per cent to $124.9 million for the quarter.
It’s next biggest earner, Sydney’s M7, raised traffic by about three per cent and revenue by 7.6 per cent to $48.2 million.
The company’s newest asset, the 495 Express lanes in north Virginia in the US, had achieved lower than expected numbers since opening in November, the company said.
“Initial numbers are below expectations; however we believe that it will take a minimum of six months of operations to establish any reliable trends,” chief executive Scott Charlton said in a statement.
“Transurban’s Australian assets have performed well in the December quarter,” he said.
“CityLink, which makes up 50 per cent of the portfolio, recorded 5.8 per cent revenue growth – an excellent result in a patchy local economy.
“Most pleasing was the ongoing increase in demand as the quarter progressed.”
It also has a major stake in Sydney’s Eastern Distributor, and a 50 per cent interest in Sydney’s M7 and M5.
Traffic was steady on the Lane Cove Tunnel, and down by less than one per cent on the Eastern Distributor and M5.
Transurban shares closed six cents, or 0.96 per cent, down at $6.16 in a flat market.
