Transurban collected $273.8 million or nearly 13 per cent more proportional revenue on its toll roads during the March quarter
The upgrade of Sydney’s major Hills M2 toll road contributed to a near 13 per cent jump in Transurban’s quarterly revenue.
The toll road operator and owner increased toll revenue by 12.9 per cent to $221.7 million for the March quarter compared to the prior corresponding period.
Proportional toll revenue, which measures revenues relative to its ownership stakes, increased 12.7 per cent to $273.8 million compared to the same period last year.
But it was below the December quarter’s $281.3 million.
Toll revenue from the Hills M2 road jumped 40.3 per cent to $48.4 million.
Transurban said its Sydney network had continued its strong performance.
That reflected continued growth in the northwest corridor from the M2 upgrade, completed last August, with average traffic growth in Sydney up 10.9 per cent for the quarter.
“It has been eight months since the M2 upgrade was officially completed and we are continuing to observe strong growth in that corridor, which reflects the travel time savings that project delivered to motorists,” chief executive Scott Charlton said in a statement on Thursday.
Toll revenue from Transurban’s biggest asset, Melbourne’s CityLink, increased 6.3 per cent to $130.5 million.
Transurban is part of a consortium also bidding for Brisbane’s toll road portfolio Queensland Motorways.