Strong traffic growth on Transurban’s Sydney roads has helped boost the tollway operator’s half year revenue.
Transurban on Monday said the group’s toll revenue rose by 13.3 per cent to $450.6 million for the six months ended December 31, compared to the prior corresponding period.
Statutory toll revenue for the December quarter lifted 12.6 per cent to $228.1 million.
Transurban said the result was underpinned by strong patronage on the group’s Sydney network, reflecting improved travel times following the completion of the M2 upgrade in August.
Average traffic growth on the Westlink M7, Hills M2 and Lane Cove Tunnel rose 10.7 per cent for the December quarter.
“Increased patronage on our Sydney roads, and in particular the northwest corridor, reflects the improved service delivered by the Hills M2 upgrade,” Transurban chief executive Scott Charlton said in a statement.
“We remain focused on delivering similar benefits to the residents of southwestern Sydney through the upgrade to the M5 southwest motorway, and exploring additional enhancement opportunities for road users on our networks in Sydney and Melbourne.”
Transurban said the widening of the M5 remained on schedule and on budget, and was about 60 per cent complete.
Quarterly toll revenue on Melbourne’s CityLink grew by 7.9 per cent to $134.7 million, and average daily traffic for the quarter lifted by 1.5 per cent to 797,741 transactions.
Weekend traffic on CityLink continued to grow strongly, up 2.3 per cent for the quarter and 1.2 per cent on a workday basis.
Transurban securities were four cents higher at $6.83 at 1015 AEDT.