Toll road operator Transurban has reported a doubling in full year profit to $485 million, as the benefits of completed road widening projects kick in.
Toll revenues rose by 8.7 per cent to $2.3 billion.
Melbourne was the big driver in revenue growth ( +13.4 per cent) following the completion of the long-running CityLink and Monash Freeway upgrade projects.
Sydney toll takings increased by 8.3 per cent to $944 million on a 3.1 per cent increase in traffic, while toll revenues across the Brisbane network rose 2.1 per cent on a 2.6 per cent increase in traffic.
The full year dividend increased by 7 per cent to 56 cents per share.
Transurban chief executive Scott Charlton said the 2019 dividend would be at least 59 cents next year, irrespective of the outcome of its bid for a 51 per cent stake in Sydney's $17 billion WestConnex project.
Transurban's bid is currently the subject of intense ACCC scrutiny over its dominant position in the Australian market.
The company currently operates seven of Sydney's nine toll roads and 15 of 19 concessions across the nation.
In July, Transurban said it would cut some of its fees after revelations of the high cost and margins being charged by the company for its e-tag devices sold to its regular customers.
Documents showed users were being charged $55 for a device the company sources for just $10.
While the results were roughly in line with expectations, Transurban shares slid 0.8 per cent to $11.81 in morning trade.
