Transurban (ASX:TCL) reports a rise on their road to recovery for the March quarter

Company News

by Melissa Darmawan

Transurban (ASX:TCL) reported a rise in the average daily traffic of 1.1 per cent compared to last year for the March quarter. Though when compared to 2019, it is down 3.8 per cent.

The company said traffic has recovered to pre covid-19 levels where restrictions have lifted.

In Sydney, the average daily traffic increased by 21.8 per cent to 936,000 trips. However when excluding the new assets of M8, M5 East and NorthConnex, Sydney traffic was only up 4.5 per cent. Average workday traffic increased by 20.1 per cent and average weekend/public holiday traffic increased by 28.1 per cent for the quarter. Sydney was largely free of restrictions during the period. Average daily traffic of 37,000 on NorthConnex continues to exceed expectations set prior to covid-19. The M8 and M5 East assets continue ramp up.

While in Melbourne, it dropped by 15.2 per cent to 675,000 transactions.

In North America, the average daily traffic decreased 26.9 per cent to 101,000 trips. The average dynamic toll price decreased by 15.9 per cent on the 95 Express Lanes and decreased 33.4 per cent on the 495 Express Lanes.

The restrictions in the Greater Washington Area continues to impact traffic and pricing on the Express Lanes assets which are still down on pre-covid-19 levels. Although the quarter did see volumes improved.

A ‘Safer at Home’ order remains in place in Virginia amid the vaccine rollout.

In Montreal, average daily traffic was down 4.8 per cent on the A25 for the quarter.

Shares in Transurban (ASX:TCL) last traded 7 cents lower at $13.75.

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