MIG revenues rise

After marking down its portfolio by 28% earlier this summer, Macquarie Infrastructure Group said rising traffic levels and higher tolls contributed to improved results for the four months to September.

The revenue generated by Macquarie Infrastructure Group’s toll road portfolio jumped 5 percent in the past quarter over the same period last year thanks to traffic growth and higher toll charges on MIG’s roads in Europe and North America.

For the three months to 30 September, MIG's assets cleared proportionate revenues of A$317.6 million ($287.4 million; €194.6 million), according to MIG's annual general meeting presentation. Earnings before interest tax and depreciation topped A$240.4 million during the quarter, according to the presentation – up A$13.3 million from the same quarter last year.

The average traffic level of the portfolio was up 1.6 percent on last year, according to a press release announcing the firm's latest traffic figures.

In the US, where MIG owns interests in four toll roads, revenues were up 15 percent against the same period last year, partly due to by higher charges on the Dulles Greenway in North Virginia.  The Chicago Skyway, which MIG co-owns with Spain’s Cintra, posted an almost 8 percent rise in traffic, while the other three roads – the Indiana Toll Road, Dulles Greenway and the South Bay Expressway in California – each posted decreases in traffic for the period.

In the UK, MIG’s M6 motorway posted a 3.1 per cent rise in traffic over the period. Macquarie owns 100 percent of the M6 toll operation while it has varying stakes in the other roads. 

MIG’s other European roads – the Autoroutes Paris Rhin Rhone in France and the Warnow Tunnel in Germany – posted traffic increases of 3.4 percent and .7 percent, respectively.

The 407ETR posted a .6 percent decline in traffic but revenues rose 2.4 percent over the period thanks in part to new tolls that were introduced on 1 February.

The Westlink M7 in Sydney posted a 5.7 percent increase in traffic and an 8.3 percent rise in revenues.
Overall, MIG said these figures indicate an improvement over the lows reported earlier this year. Those lows contributed to a 28 percent write-down of the value of its portfolio in July.

At the time, the Australian Stock Exchange-listed toll road developer said its portfolio of nine toll roads was worth approximately A$5.1 billion (€2.9 billion; $4.1 billion) as of 30 June 2009. By year end 2008, MIG had valued the assets at A$7.1 billion.

MIG’s shares ended the day unchanged, closing on A$1.54.