tcl vs mig, page-3

re: tcl momentum - half year good TCL posted half year profit result - looks good. Nice consistent increase in numbers, tolling operating well and paying the full 24.5c div which gives 7.1% yield. l am happy with that, but stock down 10c this am. Not sure when it goes XD. here is summary:

Transurban Group Limited (TCL) today advised a $38.3 million loss for the six-months ended 31 December 2005, representing a 9% increase on the $42.1 million loss for the previous corresponding period (“pcp”).



The company attributed this relative improvement to an increase in tolling and fee revenue, which was up 44% on the pcp.

Managing director and CEO Mr Kimberley Edwards said that its developed and managed CityLink Melbourne recorded 118.5 million transactions for the six-month period, representing a 3.4% increase over the pcp.

“The growth in transaction volumes combined with the toll escalation as provided for in the concession deed resulted in toll and fee revenue (net of GST) of $151.3 million, an increase of 10% over the previous year,” he said.

He noted that the company had increased its equity interest from 40% to 45% in the Westlink M7 project on 16 December 2005 in line with the opening of the Westlink M7 Motorway, eight months ahead of schedule.

He explained that the company’s role in the Westlink project involved a 45% equity stake in the road’s owner, Westlink Motorway; supply of the tolling system; and the provision of tolling and customer management services.

He went onto say that the company had achieved control of the Hills Motorway Group on 12 April 2005.

He added that during the period the company had sought, and received, approval from the Road Transport Association of NSW (“RTA”) to upgrade the M2 with express lanes.

“The lanes, which are currently under construction, are expected to facilitate increased traffic flows by decreasing the number of cash booths, currently the cause of traffic congestion at the Main Toll Plaza,” he said.

The company said that Hills had recorded 13.9 million transactions for the six-month period, representing a 1.6% increase over the pcp.

The company announced that based on the result for the six-months and the guidance announced in October 2004, a distribution of 24.5c per stapled will be paid in respect of the six-months ended 31 December 2005.

The company advised that the payment date for the interim dividend was 28 February 2006.