The company, which operates the Highway 407 electronic toll road that crosses the Greater Toronto Area, says net income fell to $45.4 million in the three-month period ended June 30. That compared with net income of $75.7 million a year earlier.
Revenues shot up to $228.5 million from $205.2 million as the total number of trips climbed to 30,472 in the quarter from 29,615 in the compared year-earlier period. The average revenue per trip rose to $7.49 from $6.92 year over year.
Operating expenses increased to $33.3 million from $26.7 million a year earlier while interest and "other" expenses grew to $117.1 million from $59.8 million, the company reported Thursday.
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.