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 MTR Corporation reported a more than doubling of its net profit to HK$15.87 billion (US$2 billion) for the first half of the year, as strong gains from property development offset largely flat performance in its rail and commercial operations. The corporation's property-development profit surged by 120.7% year-on-year to HK$12.23 billion, primarily driven by projects at Tai Wai Station and The Southside "Package 5" in Wong Chuk Hang.
MTR stated that it would allocate a significant portion of this profit towards asset replacement, maintenance, and the development of new railway projects. Meanwhile, revenue experienced a 4.1% year-on-year decline to HK$26.23 billion. The corporation is obligated to meet a HK$140 billion capital-investment commitment for six railway projects in Tuen Mun, Lantau Island, and the Northern Metropolis over the coming years.
MTR has also signed a project agreement for the Northern Link Part 1, which is expected to be completed by 2034 and will include a main line and a spur line connecting to the Huanggang border checkpoint.
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