Intoll reports solid revenue
Australian toll-road operator Intoll Group (ASX:ITO) has posted strong June quarter revenue and traffic growth on its two toll roads.
The company, which is the target of a $3.5 billion takeover from the Canada Pension Plan Investment Board (CPPIB), said the 407 ETR in Toronto, Canada had its healthiest June quarter since 2005, with revenue 14 per cent higher than in the previous corresponding period.
For the three months to June 30, the toll road's total earnings climbed to $C161.9 million ($A176.7 million) from $C142.1 million in the same period last year.
Kilometres travelled on the road hit 600.7 million in the June quarter, an increase of 7.4 per cent compared with the previous corresponding period. The number of average daily trips also went up 5.7 per cent.
Formerly Macquarie Infrastructure Group, Intoll owns and controls a 30 per cent interest in the 407 ETR. It also has a 25 per cent stake in Sydney's Westlink M7, which recorded a 9 per cent rise in toll revenue from $511.6 million to $557.5 million.
For the year ended June 30, the M7's toll revenue reached $200 million, 8.5 per cent stronger than in the same period the previous year.
In the June quarter this year, the average daily tolled kilometres travelled on the M7 registered a 6.7 per cent increase compared with the previous corresponding period.
"Both toll roads in which Intoll invests have delivered strong revenue and traffic results during the June quarter, continuing the positive trend of the past three quarters," Intoll chief executive Murray Beach said in a statement.