Investors in Transurban are in line for higher payouts despite the toll road operator company being pushed into the red by its acquisitions in Queensland.
The firm posted a $182 million loss for the year to June 30, compared to a $252 million profit for the previous comparable period, weighed down by $418 million of costs linked to its purchase of Brisbane's toll road network.
But proportional earnings before significant items, the company's preferred measure, rose 38 per cent to $1.3 billion and toll revenue increased 39.6 per cent to $1.6 billion.
The company will pay a partly franked final distribution of 20.5 cents per security.
Chief executive officer Scott Charlton predicted the full year amount will rise 11 per cent from 40 cents to 44.5 in 2015/16.
"We expect FY16 to continue to deliver benefits for security holders from our network positioning and operational efficiencies," said Mr Charlton, whose total pay package rose 18 per cent to $5.8 million.
Despite the forecast, Transurban securities dropped 13 cents to $9.99.
Mr Charlton flagged progress on talks with the Victorian government on the proposed Western Distributor motorway that would divert traffic from Melbourne's inner west and provide a new freight route to the port.
He said Transurban was waiting on the outcome of funding talks.
Relations between federal and state governments have been fraught after Premier Daniel Andrews scrapped the proposed East West Link road, toward which Canberra had contributed $1.5 billion.
"The Andrews government has ambitious plans around rail crossings and they're looking to privatise the port and that's creating a lot of economic activity in the city, which is where our networks are located," Mr Charlton said.
"It's out of the daily press and more into discussions of proving up the merits and trying to develop something that the state is comfortable proceeding with."
Traffic numbers in Melbourne rose three per cent during 2014/15 and Mr Charlton is eyeing further growth due to the CityLink Tulla Widening project, which starts construction in October.
Queensland Motorways was acquired in July 2014 and toll revenue from the renamed Transurban Queensland, which operates Brisbane's Clem Jones Tunnel, Go Between Bridge, Gateway Motorway and Logan Motorway, rose by 6.8 per cent.
The firm completed the purchase of Legacy Way on June 29, four days after it opened to traffic.
In Sydney, traffic rose 7.7 per cent due to widening of the M5 and completion of work on the Lane Cove Tunnel.
Transurban said the increase in its US holdings in the 495 and 95 Express Lanes to 100 per cent, from 77.5 per cent and 94 per cent respectively, was not reflected in this year's results.
TRANSURBAN'S TALLY
* Net loss of $373m, compared to a $252m profit in 2014/15
* Revenue up 61.7pct to $1.86b
* Final partly franked distribution of 20.5 cents, up 2.5 cents
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