TransJamaican Highway, operator of Jamaica's Highway 2000 East-West corridors, is reporting a 40 per cent increase in net profit for the first six months of this year, driven by higher toll collections and lower financing costs.
Net profit rose to US$24.9 million for the six months ended June, compared with US$17.8 million for the corresponding period last year.
The improved performance was supported by strong growth in toll revenue, which rose 28 per cent to US$57.5 million.
The company says the increase reflects higher traffic volumes across its network and the contribution of Phase 1C from May Pen to Williamsfield, which began commercial operations in December last year.
For the second quarter alone, toll revenue increased 27 per cent to US$28.5 million, while net profit rose to US$11.6 million, compared with US$8.7 million a year earlier.
The company also reported a reduction in total liabilities, which fell to US$209 million, while net borrowings declined to just under US$200 million.
The improved financial performance comes despite the higher costs associated with operating and maintaining the expanded toll road network.
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