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Hong Kong’s MTR posts 46.1% jump in H1 profit on revaluation gains

Hong Kong’s MTR posts 46.1% jump in H1 profit on revaluation gains

HONG KONG: MTR Corp., the Hong Kong railway operator, on Thursday posted a 46.1% increase in first-half net profit, aided by gains from property development and revaluation of investment properties.

Net profit for the six months ended Jun. 30 rose to HK$7.48 billion ($956.89 million) from HK$5.12 billion a year earlier, the company said in an exchange filing. Revenue was up 40.8% on-year at HK$30 billion. MTR said its overall share in the franchised public transport market in Hong Kong was at 48.8% in the first five months of 2017, compared to 48.3% in the same period of 2016. MTR said profit from Hong Kong property development will continue to be modest in the second half of the year as there are no new developments scheduled to receive occupation permit. Over the next six months, the company aims to tender out a property package at Wong Chuk Hang station in Hong Kong, subject to market conditions.