REPORTING SEASON: Transurban Group (TCL)

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Figure 1: Transurban Group 12 month chart

 

Transurban Group (TCL) reports FY loss due to acquisition of Transurban Queensland

– Toll road operator Transurban (TCL) has reported a full year net loss of $373 million. The loss was driven by the significant transaction and integration costs related to the acquisition of Transurban Queensland (TQ). Excluding these significant items, a lower statutory profit was influenced by higher depreciation and amortisation charges associated with the consolidation of Transurban Queensland, their US assets and the Cross City Tunnel.

– Revenue was underpinned by contributions from new assets including: TQ which generated $247million, The Cross City Tunnel which brought in $55 million, 95 Express Lanes generating $24 million and further growth in TCL’s existing assets of $118 million.

– TCL said it expects to deliver double digit growth in distributions again this year providing FY16 distribution guidance of 44.5 cents per share, which would be an increase of more than 11% compared to 2015.

– TCL had previously declared its final distribution of 20.5 cents per share bringing the full year payment to 40 cents per share. The record date for determining entitlements was 30 June 2015. The payment date is 14 August 2015.

 

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Tom Piotrowski, Market Analyst,