MacQ pikes doin' OK worldwide despite Yank bummers
By Peter Samuel
Despite awful results from their American tollroad investments, Macquarie reports a reasonable worldwide result for the first quarter of 2010. Their tollroad concessions are now divided into Macquarie Atlas Roads (MAR) and Intoll, separate listings on the Sydney stock exchange.
Macquarie Atlas report their holding in French tollroad operator APRR (Autoroutes Paris Rhin Rhon) shows traffic up 1.6% 2010Q1 over 2009Q1 and revenue up 4.4% while M6 Toll in England is up 4% in traffic and 4.7% in revenues.
These outweigh the down US pike properties including:
- Dulles Greenway VA traffic off 6.7%, revenue off 4.7%
- Chicago Skyway traffic down 2.6%, revenue down 4.9%
- Indiana Toll Road traffic down 1.7%, revenue up 7.4%
Overall MAR's traffic was up 1.2% and revenue up 3.8%. The same pattern was evident 2009Q4/2008Q4.
Intoll without US pikes does well
Intoll, an ex-Macquarie company without any US roads did much better.
407ETR in Toronto Canada had a 4.4% increase in traffic and a 9.6% advance in revenue.
M7 a peripheral on the western edge of the Sydney Australia metro area, also known as Westlink, saw traffic rise 7.3% and toll revenue 8.7%.
Global investments have an advantage in diversification - in spreading risk - as compared to geographically constrained investment.
ADDITION: Intoll is a Macquarie spinoff, but it is now completely independent of Macquarie. A spokesman emailed us: "We are now a stand alone internally managed vehicle listed on the ASX. Macquarie does not have any seats on the board."