Transurban Group (ASX:TCL) first half net profit has fallen by 16 per cent to $81.1 million dollars, down from $96.6 million in the corresponding period last year.
The toll road operator offered no reason for the fall in earnings, focusing rather on highlighting the development of key projects.
CEO Scott Charlton says good progress has been made on key developments during the half, and Transurban is now focused on completing its Hills M2 upgrade in Sydney.
Toll revenues for the half year went up by 3.1 per cent to $397.7 million, owing to a rise in toll charges for the CityLink tunnel.
Transurban will pay an interim distribution of 15.5 cents to shareholders, up 1 cent on last years half year payout, attributed to the rise in cash flow.
TCL Price at posting:
$6.09 Sentiment: None Disclosure: Held
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