Corporates 2: TCL, MQG
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Toll road operator, Transurban Group, says all of its Australian assets increased traffic and revenue for the March quarter, but the news from the US wasn't so good where toll revenue and traffic fell on the Pocahontas Parkway near Washington.In a report to the ASX yesterday & #160;Transurban said & #160;that & quot;proportional & quot; toll revenue from its continuing assets rose 9.4%, excluding the impact of the CityLink revenue protection provision in Melbourne in the prior corresponding period. & quot;Including the M4, proportional toll revenue increased by 5.2% to & #36;196.3 million, despite the M4 concession ending on 15th February, & quot; the company said in its statement. & quot;All Australian assets reported positive traffic growth and positive revenue growth for the quarter. & quot;Double digit toll revenue growth was delivered on both 100% owned assets, with CityLink revenue growing 11.0% and Hills M2 growing 15.0%. & quot;Truck growth continued to be strong across the New South Wales assets with workday truck traffic increasing by 2.2%. & quot;CityLink continued to benefit from a reduction in the level of construction works, showing strong month on month traffic growth for the quarter, & quot; the group said.Transurban said that toll revenue on CityLink, parts of which are being upgraded, grew 11% to & #36;95.6 million, and average daily transactions on CityLink rose 6.4% to 691,452.The 15% rise in toll revenue on the Hills M2 in Sydney saw revenue hit & #36;34.6 million, and average daily traffic was up 2% to 94,491.Toll price increases for cars and trucks were key drivers of revenue growth, the company said.For the M1 Eastern Distributor, in which Transurban has a stake of 75.1%, total toll revenue rose 5% to & #36;20.2 million, and average daily transactions were up 4.8% to 49,130 as truck tolls were increased.On the Westlink M7 in Sydney (50% owned) total toll revenue rose 9.1% to & #36;43.1 million, and average daily transactions grew 7.4% to 126,935.On the M5, half owned by & #160;Transurban, total toll revenue was up 3.8% at & #36;39.8 million, and average daily transactions were up 3.7% & #160;to 121,278.But reflecting the continuing sluggishness in the US, for the 75%-owned & #160;Pocahontas Parkway in Virginia total toll revenue dropped almost 2% to & #36;US3.1 million, and average daily transactions also fell 1.9% to 12,594.Transurban securities rose 7c to & #36;5.19 yesterday.
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Daniel Kertcher established Platinum Pursuits in 2001 as a vehicle in which to share his knowledge of strategies to use the financial markets to grow wealth, with the aim of achieving financial freedom by making your money work for you.
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