WASHINGTON — Australian investment firm Transurban Group reported a more than 50% profit decline for fiscal year 2012 and said the drop stems from the steep devaluation of the bond-financed Pocahontas Parkway in Virginia.

Transurban announced in June that it would reduce the carrying value of the 8.8-mile tolled highway, which is seven miles south of Richmond, by $138.1 million because of reduced revenue forecasts. That was a major factor in the company’s reduced FY-2012 net profit of $58.6 million, down 50.4% from last year.

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