Toll road operator 407 International sees profits fall in Q1 despite revenue jump


TORONTO – Toll highway operator 407 International Inc. says net income declined in the first quarter even as revenues revved up more than 10 per cent.

The company which operates Ontario’s 407 electronic toll road says net income fell to $35.3 million from $52.4 million as interest and other expenses climbed to $86.4 million from $50.2 million.

Revenue shot up to $185.3 million from $166.7 million as the total number of trips climbed to $26,092 in the quarter from 25,416 in the compared year-earlier period, while average revenue per trip rose to $7.09 from $6.55.

407 International Inc. is jointly owned by Cintra Infraestructuras S.A., a wholly owned subsidiary of Spain’s Ferrovial S.A., with a 43.23 per cent interest, and subsidiaries of the Canada Pension Plan Investment Board, 40 per cent, and by Montreal-based engineering giant SNC-Lavalin (TSX:SNC) with a 16.77 per cent holding.

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