Canadian highway 407 ETR publishes Third Quarter Results

407 International Inc, who manage the Canadian highway 407 ETR, announced revenues of $321.3 million for the third quarter of 2016, compared to $277.6 million for the same period of 2015. Earnings before interest, taxes, depreciation and amortization ("EBITDA"¹) reached $284.9 million for the third quarter of 2016, in comparison with $236.8 million for the same period of 2015. In addition,  the company announced a net income of $115.9 million for the third quarter of 2016 as compared with $97.9 million for the same period of 2015. It is worth noting that from January 1,2017 onwards, as delegated by the Board of Directors. Mr. Andres Sacristan will be the next President and Chief Executive Officer of 407 International. Mr. Sacristan has been involved in the transportation and toll-­road industry for more than 18 years and is currently Cintra’s Director for Europe and New Markets , handling a portfolio of 18 international projects. Mr. Jose Tamariz has served as President and CEO of 407 International since his appointment in 2009, and will continue under this title until the new appointment commences. Mr. Tamariz, who has worked for Cintra since 1999 has been appointed Director for Europe and New Markets and will be based in Cintra’s centre of operations in Madrid, Spain. 407 International Board Chair, Mr. David McFadden, Q.C., on behalf of the Board, praised Mr. Tamariz for his leadership during a time of very effective change and steady growth, "The Company has enjoyed solid results under Mr. Tamariz’s leadership. Mr. Tamariz ensured the Company's highway and customer operations and toll highway services adapted to meet the growing needs of increased traffic and new business, while continuing to enhance the overall financial position of the Company."