Transurban nets 27.1% profit increase

Australian toll-road owner and investor, 891 Transurban, said its “true defensive nature” appeal to investors had enabled it to achieve a 27.1% increase in net profit. The owner of Sydney’s Lane Cove Tunnel and Melbourne’s CityLink saw profits rise to US$104.05million (AUS$97million) for the six months to December 2011, compared to the same period of 2010. Toll revenues alone rose by a more modest 6% to US$510.38million (AUS$473.8million). Meanwhile, Transurban’s pe-tax earnings rose 7.5% to US$420.1million (AUS$390million) for the half-year. “These results highlight the true defensive nature of Transurban as an investment proposition – continued growth in the face of economic headwinds even with construction induced traffic impacts to four of Transurban’s six Australian assets,” said Transurban chief executive Chris Lynch. He added: “In addition to the financial results for the period, I am delighted with the excellent progress of the Hills M2 Upgrade and the Capital Beltway HOT Lanes Project, as well as reaching key milestones for the M5 and I-95 projects.”