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Traffic volume continues to fall on Macquarie's toll roads, and the only way it's been able to keep revenues steady is by toll increases. Does this sound like a sustainable approach to mobility and transportation? Only a fool would say yes. It's exactly why these public private partnerships are being written to ensure the taxpayers and pensioners take the hit for losses, not the companies running a transportation for the elites.
Macquarie Atlas posts another loss
Global toll road owner Macquarie Atlas Roads has posted another first half loss due to falls in the value of its investments.
Macquarie Atlas Roads made a net loss of $75.2 million in the six months to June 30, an improvement from its $106.4 million loss in the previous corresponding period.
The company has interests in six toll roads in the United States, United Kingdom, Germany and France.
Macquarie Atlas Roads was formed from the 2010 restructure of Macquarie Infrastructure Group into two separately-listed toll road firms.
The company said like-for-like revenue from its roads rose slightly from the previous period despite lower traffic volumes, due to toll increases.
But its bottom line result was impacted by $33.4 million in falls in the value of its investments, $14.4 million in losses on financial instruments, plus a $12.1 million amortisation on the difference between the book value and fair value of some of its debt.
The company said it would continue to maintain a disciplined approach to capital management.
No interim dividend was declared, but Macquarie Atlas Roads said it anticipates declaring a dividend in the first quarter of 2013.