Toll roads developer, Atlas Arteria (ASX: ALX) owns 25% interest in the APRR toll road group, 100% of the economic interest in the Dulles Greenway and 100% of the Warnow Tunnel.
On 24 April 2019, the company released its March 2019 quarter toll revenue and traffic statistics for each of its portfolio toll roads. For the March 2019 quarter, Weighted average traffic was unchanged compared to the prior corresponding period (pcp) however, there was a 2.3% increase in weighted average revenue compared to the pcp.
Source: Company’s Report
APRR toll road reported growth in its revenues for the March quarter, driven by toll increases and a favourable traffic mix, with strong growth in heavy vehicle traffic partially offset by lower light vehicle traffic. APRR heavy vehicle traffic increased by 2.2% in the March quarter as compared to pcp. During the quarter, Light vehicle traffic decreased modestly by 0.4% as compared to pcp. The Light vehicle traffic during the quarter was negatively impacted by the Gilets Jaunes (Yellow Vests) protests in January 2019. With Easter falling in the second quarter of 2019, light vehicle traffic is expected to show the effect of this holiday period in the Q2 2019 traffic numbers.
The traffic performance of Dulles Greenway during the March quarter was negatively impacted by the US Federal Government shutdown which ran from 22 December 2018 to 25 January 2019. Besides that Weather was also a key factor in the traffic performance for the March quarter. The traffic was affected by the major snow events from 13 to 14 January 2019 and on 20 February 2019.
The Virginia State Corporation Commission has approved a 2.91% increase in tolls for Dulles Greenway, effective from 10 April 2019. The peak toll increased from US$5.65 to US$5.80, and the off-peak toll increased from US$4.65 to US$4.75. Further, the toll rates on the Dulles Toll Road increased from US$2.50 to US$3.25 at the main toll plaza and from US$1.00 to US$1.50 for on and off ramps on 1 January 2019.
During the March quarter, the Traffic at Warnow was positively impacted by road works which were undertaken on competing routes in and around Rostock, which commenced in April 2018.
Now, let’s have a glance at the company’s stock performance and the return it has posted over the past few months. At the time of writing, i.e., on 24 April 2019 AEST 4:00 PM, the stock of the company was trading at a price of A$7.190, up 1.125% during the day’s trade with the market capitalisation of ~A$4.86 Bn. The counter opened the day at $7.140 and reached the day’s high of $7.260 and touched a day’s low of $7.110 with a daily volume of ~1,501,806. The stock has provided a year till date return of 17.72% & also posted returns of 3.95%, 11.27% & 0.85% over the past six months, three & one-month period respectively. It had a 52-week high price of $7.380 and touched 52 weeks low of $5.880, with an average volume of ~1,682,631.
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