Toll road owner Transurban (ASX:TCL) has recorded a 198% profit increase, rebounding after heavy writedowns last year. The company recorded a net profit of $174.5 million for FY13, up from $58.56 million the previous year. Last year's profit was significantly reduced due to writedowns from the company's Pocahontas 895 asset in the US state of Virginia. Although Pocahontas 895 continued to lose the money in FY13, this was largely offset by significantly stronger performance from TCL's Sydney and Melbourne toll roads. The company recorded a 4.7% rise in toll revenue during the year, with a 5.6% increase in EBITDA to $828 million. Transurban chief executive officer Scott Charlton said traffic continued to increase on its Australian roads, and development work on several assets was expected to further boost revenue. The stock is currently up 1.92% at $6.91 after closing at $6.78 yesterday. (VIEW LINK)
This news comes after Abu Dhabi Investment Authority dumped a 4.8% stake in Transurban Group on Monday - the $477million block trade was launched b y UBS when the market closed on Monday afternoon. UBS lodged a substantial shareholder notice on Wednesday afternoon, which showed it had underwritten the t rade on behalf of ADIA subsidiary Tawreed Investments. The block was underwritten at $6.76 a share. Transurban was trading at $6.82 on Wednesday afternoon (0.88% discount).