MTR posts $4.73 billion first half profit

PARKER ZHENG CHINA DAILY HONG KONG MTR Corporation reported net profits of $4.73 billion $603 million for the first half of the year, a jump of 77 percent year-on-year, as rising income from property projects offset COVID concerns.

The interim dividend was increased by 68 percent to 42 HK cents per share, according to the rail giant. The total revenue rose by 3.2 percent to HK $23 billion from HK $22.3 billion in the same period last year.

MTR s transport business started off the year with a faltered start as anti-pandemic measures and the continuation of boundary closures have had a significant impact on patronage Transport operations, with a loss of HK $2.77 billion, compared to a loss of HK $2.28 billion over the same period last year. Ridership fell 11.7 percent year-on-year to 649.4 million.

The profit from property development increased by 152 percent year-on-year to HK $7.8 billion, partly due to the adverse effects of the Pandemic outbreaks. The profits went up mainly due to local projects such as LOHAS Park and La Marina.

The first six months of 2022 were marked by significant accomplishments but also significant external challenges, Jacob Kam Chak-puiKam Chak-pui, chief executive of MTR, said on Thursday.

Kam cautioned that global inflation, ongoing supply chain disruptions and geopolitical issues may cause great uncertainty around its business performance in the second half of the year.

Kam said that to protect our business and the interests of shareholders, we will continue to exercise prudent cost control while seeking ways to streamline and optimize our operations for maximum efficiency.

The share price of MTR rose 0.48 percent, closing at HK $41.45 on Thursday, ahead of the results announcement.