Transurban’s net profit slumps 56% on West Connex costs

Company News

by Anna Napoli

Transurban Group (ASX:TCL) has reported its profit after tax (NPAT) decreased 56 per cent from $331 million to $145 million for the half year to December 31 when compared to the prior period.

Net profit was impacted by $291 million in stamp duty and integration costs related to the WestConnex acquisition.

Its toll revenue strengthened over the six month period, and lifted 9.3 per cent on FY16 to almost $1.3 billion, reflecting higher traffic on its toll roads in Australia and North America.

Its earnings before interest and tax (EBITDA) decreased over 23 per cent on the prior year, to $693 million.

The company declared an interim dividend of 29 cents per share fully franked.

Transurban has reaffirmed its distribution guidance of 59 cents per share for FY19.

Shares in Transurban Group (ASX:TCL) are trading 1.20 per cent lower to $12.31.



 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.