Hong Kong’s MTR Corp profit more than doubles to HK$15.87 billion on property gains

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Hong Kong’s MTR Corporation more than doubled its net profit to HK$15.87 billion in the first half of the year, driven largely by strong gains in property development around key stations. Property-development profits rose 120.7% year-on-year, offsetting flat performance in rail and commercial operations.

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 property-development profit to HK$12.23 billion, driven mainly by projects at Tai Wai Station and The Southside “Package...