Toll road operator Transurban will pay a reduced second half distribution amid a fall in traffic volumes at the peak of the coronavirus pandemic.
Security-holders will receive 16 cents per share, unfranked, for the six months to June 30, down from 30 cents previously.
Transurban has toll roads in Australian and the US and said traffic volumes remained subdued but were improving as governments eased restrictions on travel.
Management said the performance of these assets would remain sensitive to government responses to the virus and economic conditions.
In Australia, average daily traffic on Transurban toll roads for the week of June 14 was down on regular levels by 9 per cent in Sydney, 14 per cent in Brisbane and 31 per cent in Melbourne.
On the group’s roads in the US, which has fared much worse during the pandemic, traffic was down 43 per cent for the same week.
The opening of the NorthConnex tunnel in Sydney’s north west, and the M8 in the city’s south, will help revenue next quarter, Transurban said.
Transurban also said it is still pursuing court action against its West Gate Tunnel builders in Melbourne, CPB Contractors and John Holland.
The builders say contaminated soil was an unforeseen circumstance that meant their contract could not be fulfilled.