The developer, operator, and owner of toll roads and intelligent transport systems, Transurban Group (ASX: TCL) today, 16 April 2019, released its March Quarter update.
In the March 2019 quarter, the company witnessed an increase of 2.3 percent in Average Daily Traffic (ADT) across all markets. The short-term priorities of the business are to successfully deliver committed projects while maximising operational performance and enhancing customer and community offerings.
The company further, updated on its geographic market performance:
Sydney: The new M4 tunnels are in the final phase, with commissioning works underway. The tunnel is expected to open in mid-2019. The tunnels are set to provide an alternative to the highly congested Parramatta Road. The March quarter saw Sydney ADT increase by 2.1 percent to 813,000 trips. Average weekday traffic jumped by 2.5 percent and average weekend traffic increased by 0.9 percent.
Melbourne: The work on West Gate Tunnel Project continued in preparation for tunnelling to commence mid-year. In April, TCL opened CityLink to runners and walkers as Herald Sun/Transurban Run for the kids. More than 22,000 people took part in the event. For the March quarter, the Melbourne ADT increased by 3.1 percent to 856,000 transactions. Average weekday traffic jumped by 2.1 percent and average weekend traffic increased by 5.8 percent.
Brisbane: In March, the Gateway Upgrade project was completed, saving 10 minutes in travel time during peak periods. All the lanes are currently open with speed limits back to 100km/h and intelligent transport systems operational. Logan Enhancement Project is now 90 Percent complete. For the March quarter, the Brisbane ADT increased by 1.1 percent to 400,000 transactions. Average weekday traffic changed by positive 0.9 percent and average weekend traffic increased by 1.8 percent.
North America: The company saw progress on the 395 express lanes through the quarter, and the project is now over 55 percent complete and expected to open late 2019. The Fredericksburg Extension is scheduled to reach financial close by the end of FY19, with major construction expected to begin in early FY20.
In February, the company in tie-up with I-95 Corridor Coalition were awarded a federal grant from the US Department of Transportation to conduct a road-user charging feasibility study. This forms part of the largest ever multi-state study in the eastern U.S. For the quarter, North America ADT increased by 2.9 percent to 136,000 trips and the average dynamic toll price for the quarter increased by 15.0 percent to US$8.72 on the 95 Express and on the other hand, 495 Express Lanes witnessed 12.2 percent increase to US$5.44.
The company has delivered a return of 20.64 percent in the past one year. Further, the stock has delivered 23.93 percent, 13.41 percent, and 5.61 percent in the past six months, three months, and one-month respectively.
The shares of TCL closed the trading session at $13.310 on ASX (As on 16 April 19), marginally down by 0.3 percent as compared to the previous day’s closing price. The market capitalisation of the company stands at $35.74 billion. The 52-week high price is $13.460, and the 52-week low price is $10.620. As per the lasted updated ASX data, the company trades at a PE of 113.220x, EPS stands at $0.118, and dividend yield is at 4.27.
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