Hong Kong’s MTR Corp profit more than doubles to HK$15.87 billion on property gains
Net profit at Hong Kong’s rail operator the MTR Corporation more than doubled to HK$15.87 billion (US$ 2 billion) in the first half of the year, from HK$7.70 billion a year earlier, as strong gains from property development offset largely flat performance in its rail and commercial operations. The partly privatised corporation reported a 120.7 per cent year-on-year increase in…
Hong Kong's rail operator, the MTR Corporation, witnessed a more than doubling of its net profit to HK$15.87 billion in the first half of the year, up from HK$7.70 billion the previous year. This substantial increase was attributed to strong gains from property development, which accounted for HK$12.23 billion or 120.7% year-on-year growth.
Key projects driving this success included developments at Tai Wai Station and The Southside "Package 5" in Wong Chuk Hang. Despite a 4.1% year-on-year decline in revenue to HK$26.23 billion, MTR remains committed to asset replacement, maintenance, and new railway projects. The corporation is obligated to invest HK$140 billion in six railway projects across Tuen Mun, Lantau Island, and the Northern Metropolis over the next few years.
In July of the previous year, MTR signed a project agreement for Northern Link Part 1, aiming to improve connectivity in the Northern Metropolis and complete by 2034. The corporation recently marked a milestone by reaching 100 stations, with the upcoming Kwu Tung station on the East Rail line scheduled for completion next year. To finance these new projects, MTR has raised HK$57.34 billion through bond sales this year.
As of December 31, the company also had nine housing projects under development, expected to provide around 8,000 homes by year-end.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
