By David Winning

SYDNEY--Transurban Ltd. reported a half-year net loss, as traffic on its network of global toll roads was disrupted by government-mandated restrictions to limit people's movement during the coronavirus pandemic.

Transurban said its net loss attributable to securityholders of the stapled group totaled 419 million Australian dollars (US$323.4 million) in the six months through December, compared to a A$189 million profit a year ago. Proportional toll revenue--the company's preferred measure of the performance of its roads--decreased by 17% to A$1.17 billion in the half-year period.

Directors had earlier declared an interim distribution of 15 Australian cents per security, while signaling that its fiscal 2021 distribution would be in line with free cash flow, excluding capital releases. Transurban reiterated that position on Thursday, passing up the opportunity to give more specific guidance.

Transurban has experienced mixed traffic conditions on its toll roads since the pandemic began. While traffic has improved in Sydney and Brisbane following the easing of restrictions, a coronavirus outbreak in Melbourne during the half year led to a steep drop in vehicle use. In North America, ongoing restrictions continue to keep traffic below levels prior to the pandemic.

"Pleasingly, traffic in Melbourne improved significantly through the half, with traffic in December down 19% compared to 66% in August, when restrictions were at their peak," Chief Executive Scott Charlton said.

Transurban has continued to advance its major projects and overhaul its portfolio, including reaching financial close on refinancing A$4.2 billion of debt tied to its stake in the WestConnex highway in Sydney. The NorthConnex tunnels connecting two motorways in Sydney also opened during the half-year period.

One question for investors is how Transurban will spend A$2.1 billion in proceeds from the recent sale of a 50% stake in several North American toll roads to a consortium of pension funds that include AustralianSuper and Canada Pension Plan Investment Board.

Some analysts think Transurban could bid for a larger stake in WestConnex, as the transaction for the Chesapeake assets in North America is expected to reach financial close by the end of June.

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

02-10-21 1644ET