Dollar and interest rates hit Macquarie Infrastructure Group profit
(2 March 2004 – Australia) Macquarie Infrastructure Group (MIG) has posted a net loss of $386.3 million for the first half of FY 2004 compared with a net profit of $499 million the previous year.
MIG said it had been impacted by the strengthening dollar and a rise in interest rates, and that these had affected the operational performance of its portfolio, with asset valuations reduced by $449 million.
MIG chief executive Steve Allen said despite the impact of macro-economic issues on the results, the first half year had been a period of significant progress with portfolio traffic up 5.3 percent and revenue up 14.1 percent.
The group had $5.8 billion worth of new projects underway, such as the M6 toll in the UK, the Westlink M7 in Sydney and Warnow Tunnel in Germany.
MIG chief executive Steve Allen said despite the impact of macro-economic issues on the results, the first half year had been a period of significant progress with portfolio traffic up 5.3 percent and revenue up 14.1 percent.
The group had $5.8 billion worth of new projects underway, such as the M6 toll in the UK, the Westlink M7 in Sydney and Warnow Tunnel in Germany.
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