How Transurban’s (ASX:TCL) March quarter traffic update may guide shares

Source:Krunja, Shutterstock

Summary

  • Global road operator firm Transurban announced that its average daily traffic increased by 1.1% compared to 2020 and decreased by 3.8% compared to 2019.
  • The first traffic impacts of coronavirus were sustained during the March 2020 quarter.
  • The company said that the impact on traffic continued to vary across different markets where Transurban operated.

Global road operator firm Transurban Group Ltd (ASX:TCL) on Thursday announced that its average daily traffic increased by 1.1% compared to 2020 and decreased by 3.8% compared to 2019. The first traffic impacts of coronavirus were sustained during the March 2020 quarter.

Source: © Marbo | Megapixl.com

The company said that the impact on traffic continued to vary across different markets where Transurban operated.  The traffic improved in the markets where COVID-19 restrictions were lifted. The ADT volumes in Sydney up 4.5% and in Brisbane were up 3.3%, the company said in its March quarter update.

READ MORE: 2 ASX growth shares under the spotlight

In Melbourne and Montreal, restrictions were variable across the quarter in response to the changing COVID-19 environment, with traffic improving throughout the period. In the Greater Washington Area, traffic continues to be impacted due to the ongoing restrictions on movement.

For the quarter, Sydney ADT increased by 21.8 per cent to 936,000 trips. Melbourne ADT decreased by 15.2 per cent to 675,000 transactions, hurt by COVID restrictions.

READ MORE: 5 ASX Penny Stocks Not to be Missed in April 2021

Other projects

During the period, Accelerate Maryland Partners LLC, led by Transurban and Macquarie, was selected as the developer to deliver the American Legion Bridge I-270 to I-70 Relief Plan (also known as Phase 1 of the Maryland Express Lanes project) in Maryland, USA.

READ MORE: What’s troubling Rio Tinto’s US$463M mine project in South Africa?

Source: © Yashkru | Megapixl.com

The Transurban Chesapeake partnership reached financial close at the end of the quarter, realising gross proceeds of US$2.1 billion. Transurban is well-funded and positioned for the pipeline of opportunities which are currently materialising in core markets.

READ MORE: Sugar Prices Ripe to Jump out of Bear Grip?

Stock performance

On 14 April 2021, the shares closed unchanged at A$ 13.82, up 0.23 points or 1.69%, as against the previous closing on 13 April 2021. The stock has given a return of 0.80% so far this year. Transurban competes with Aurizon Holdings (ASX:AZJ) ,Atlas Arteria (ASX:ALX), Sydney Airport (ASX:SYD), Auckland International Airport (ASX:AIA), CIMIC (ASX:CIM).

READ MORE: Interesting Lithium Shares that are Riding the EV Bandwagon

Comment


Disclaimer

Ad

GET A FREE STOCK REPORT


Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.


   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK