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Transurban Profit Rises 89% on Sydney, Melbourne Growth

Transurban Group, Australia’s biggest operator of toll roads by market value, said full-year profit rose 89 percent as traffic volumes on its Melbourne and Sydney roads increased.

Net income was A$112.5 million ($121.2 million) in the year ended June 30, from A$59.4 million a year earlier, the Melbourne-based company said in a statement today. Toll revenue rose 10 percent from a year ago to A$891 million.

The Australian toll-road industry is consolidating with the agreement by Transurban’s biggest shareholder CP2 Ltd. last month to buy rival ConnectEast Group. The Canada Pension Plan Investment Board agreed last year to buy Intoll Group, another of Transurban’s rivals, for A$3.44 billion.

Both takeovers followed Transurban’s rejection of a joint bid by the groups to buy the company for A$7.2 billion last year. Transurban shares yesterday closed at A$5.11, 8.3 percent below the takeover offer of A$5.57 a share.

Transurban will raise its final distribution to 14 Australian cents, taking its full-year payout to 27 cents.

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