Transurban says traffic growth 'solid'

Traffic growth on its Sydney and Melbourne tolled roads boosted Transurban's June quarter revenues. Source: AAP

TOLL road owner Transurban says it recorded solid traffic growth on its Sydney and Melbourne assets during the June quarter.

The company says its revenue for the quarter was up 6.8 per cent to $207 million, on a statutory basis, compared to the same time last year.

For the year to June, toll revenue was $801 million, up 4.7 per cent from the previous year.

Proportional toll revenue, which the company believes is the most accurate indicator of its performance, was up five per cent for the year at $991 million.

The company said traffic numbers were up across its Australian assets during the quarter, with the number of vehicles travelling on its main asset, Melbourne's Citylink, up 3.2 per cent.

In Sydney, upgrade work on the company's M2 motorway contributed to traffic growth on its Lane Cove Tunnel and Westlink M7 assets.

"The Hills M2 upgrade has reached the final stages of completion," Transurban chief executive Scott Charlton said in a statement to the Australian Securities Exchange on Wednesday.

"The works west of Pennant Hills Road were finalised in mid-April, and residents of Sydney's North-West corridor are beginning to benefit from the enhancement of that critical element of the corridor."

Transurban shares finished Tuesday's local session at $6.80.

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