MTR Profit Soars 64 Percent On Property Deals

The MTR Corporation announced on Thursday that its profit soared 64 percent last year to more than HK$16.8 billion, thanks to a sharp rise in property revaluation and robust sales of a residential development in Shenzhen.

More than HK$6.3 billion of the profit came from investment property revaluation – up from just HK$800 million in 2016.

Sales of its residential project in Shenzhen contributed more than HK$2.3 billion, while another HK$1 billion came from the sale of inventory units and car parking spaces in Hong Kong.

Its railway business made a profit of HK$1.6 billion – down 35 percent from 2016 due to higher operating costs from the opening of new lines.

Patronage rose 2.6 percent, surpassing two billion trips for the first time.

The MTR's CEO Lincoln Leung said the express rail linking Hong Kong to Guangzhou will be completed as scheduled – in the third quarter of this year – and the company is hammering out a deal with the government over its operation.