Transurban posted a first-half net loss of $97.1 million.

While the previous first-half net loss was lower, at $44.71 million, Transurban said the results were not comparable due to accounting changes and one-off costs associated with the Sydney M7 Westlink project and the US Pocahontas Parkway purchase.

Without these items, the company said its reported loss would have been $25.6 million.

Transurban said a 15.9 per cent jump in toll and fee revenue to $407.2 million had significantly boosted underlying earnings.

Earnings before interest, tax, depreciation and amortisation grew by 19.4 per cent to $198.9 million.

Chief finance officer Chris Brant pointed to a slightly lower net operating loss, which declined to $37.1 million from $38.3 million, and an 8.8 per cent reduction in underlying operating costs as evidence of the firm's financial health.

"All in all, a very, very positive result from an operational perspective," Mr Brant said.

Transurban chief executive Kim Edwards unveiled details of an unlisted US company, Direct Road Investment Vehicle (DRIVe), which will be used to target US growth.

It signed a 99-year concession on the Pocahontas Parkway, in Virginia, for $US611 million ($779 million) last year and is in negotiations for two HOT (high-occupancy toll) lane projects, also in Virginia.

Transurban said it had a potential pipeline of US projects worth about $11 billion.

On the domestic front, the company is focused on its proposed $1.26 billion takeover of rival Sydney Roads Group (SRG), which would create an $8.2 billion company and an integrated toll-road network.

"There's a lot of opportunity to enhance those assets and do away with duplication of operations and maintenance and monitoring and tolling," Mr Edwards said.

The Australian Competition and Consumer Commission has some concerns about roaming fees on electronic tags, but Transurban said it was fully co-operating with the watchdog.

Roaming fees are paid by the electronic tag issuers to the toll-road owner when a motorist uses a road owned by a different company.

SRG, which was spun off from Macquarie Infrastructure Group in July 2006, has a 71.35 per cent interest in the Eastern Distributor, a 50 per cent interest in the M5 South-West Motorway and a 50.61 per cent interest in the M4 Motorway, all in Sydney.

Transurban owns Melbourne's CityLink as well as the Hills M2 motorway in Sydney and 47.5 per cent of Sydney's Westlink M7.

Mr Edwards said about 16 per cent of SRG shareholders had already agreed to the takeover.

 

The Australian