407 International Inc. announced on July 17 revenues of C$205.2 million for the second quarter of 2013, compared to C$188.4 million for the same period of 2012.

Earnings before interest, taxes, depreciation and amortization totalled C$178.5 million for the second quarter of 2013 as compared with C$158.1 million for same period of 2012. The Company reported net income of C$75.7 million for the second quarter of 2013, compared with net income of C$40.9 million for the same period of 2012.

The Board of Directors declared an eligible dividend of $0.258 per common share, payable on or about July 17, 2013 to shareholders of record on July 17, 2013.

407 International Inc. is owned by Cintra Infraestructuras S.A., a wholly owned subsidiary of Ferrovial S. A. (43.23%), by indirectly owned subsidiaries of Canada Pension Plan Investment Board (total 40%), and by SNC-Lavalin (16.77%).

In 1998, the Ontario government put out an international public tender for the lease of a concession to operate and expand the highway. At the conclusion of the tender and open bidding process, the concession to operate the highway was awarded to the Cintra-led consortium.

The tender process generated C$3.107 billion for the government to direct to other public service priorities.

407 ETR now spans 108 kilometres across the top of the Greater Toronto Area.

As Toll Road News points out, the 407 is one of the most profitable highway assets in North America:

407 ETR's operating expenses are 17% of toll revenue versus an average 44% (range 37% to 64%) for the US state pikes. The Toronto road has a huge operating expense advantage in its all-electronic toll collection - its lack of toll collector costs and personnel benefits - as compared to all the big US pikes.

Sources: 407 ETR & Toll Road News