Fuelled by property growth, MTR interim profit up 27pc
Business
The MTR Corporation has reported a 27 percent increase in profit in the first half of the year, thanks to higher patronage as well as its property business.
The rail operator said interim profit reached HK$7.7 billion, up from HK$6.04 billion in the same period last year.
The company said local transport operations saw steady revenue growth, driven by an increase in patronage from cross-boundary and high-speed rail services.
Property development, including projects at Ho Man Tin and Wong Chuk Hang stations, contributed to the bigger bulk of the first-half profit at HK$5.5 billion.
That more than tripled property earnings of HK$1.7 billion a year ago.
Total revenue declined 6.5 percent year on year to HK$27.3 billion, partially dragged down by a drop of HK$1.2 billion in investment property valuation.
Speaking at a press conference, Jacob Kam, the MTR's chief...
