MTRC half-yearly net drops to HK$7b, underlying income sinks by 20pc

MTRC half-yearly net drops to HK$7b, underlying income sinks by 20pc

Underlying profit fell by 20.5 percent to HK$4.64 billion.

Revenue also fell by 12.1 percent to HK$26.37 billion from the year before period.

Basic earnings per share were HK$1.18 compared with HK$1.27 in 2017.

The rail operator and property developer declared an interim ordinary dividend of 25 HK cents per share.

Recurrent profit, or net profit before property development profits from Hong Kong and the mainland China and investment properties revaluation, was virtually the same as last year at HK$4.48 billion, the MTRC said.

After-tax profit from property developments was HK$165 million.

On Tuesday, the MTRC Chairman Frederick Ma si-hand admitted that the report handed to the government on 15 June on the the platform slab at the Hung Hom Station extension had inaccuracies about construction methods of the top side of the platform slab. The chief executive Lincoln Leong Kwok-kuen, 57, said he was retiring. The projects director Dr Philco Wong Nai-keung also quit.

The group runs mainly public rail transport services including mass transit, Airport Express, and cross-boundary rail. Other businesses include station commercial businesses, property rental and management, mainland China and international railway, property rental and management businesses as well as property development.

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