407 International Q3 profit rises as more motorists use toll highway
The Canadian Press
Published Thursday, October 23, 2014 7:30PM EDT
TORONTO -- Toll highway operator 407 International Inc. is reporting improved year-over-year revenue and earnings for the third quarter as both the total number of trips by motorists and average revenue per trip increased.
The company, which operates the Highway 407 electronic toll road that crosses the Greater Toronto Area, says net income was $80.9 million, up from $69.3 million in the comparable 2013 period as revenue rose to $245.7 million from $224.8 million.
The total number of trips recorded in the period rose to almost 31.4 million from 30.6 million in the prior-year period, while average revenue per trip increased to $7.80 from $7.33
407 International Inc. is owned by Cintra Infraestructuras S.A., a wholly owned subsidiary of Ferrovial S. A., with a 43.23 per cent interest, and by indirectly owned subsidiaries of the Canada Pension Plan Investment Board, 40 per cent, and by Montreal-based engineering giant SNC-Lavalin (TSX:SNC), 16.77 per cent.