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Sunday, Aug 14, 2022

MTR Corp reports HK$9.5 billion profit for last year

MTR Corp reports HK$9.5 billion profit for last year

MTR Corp Ltd (0066) on Thursday reported a net profit of HK$9.5 billion last year, a reversal from a loss of HK$4.8 billion in 2020.
It recommended a dividend of HK$1.02 per share.

Despite the pandemic, Chief Executive Officer Jacob Kam Chak-pui said the targeted opening date of the cross-harbor section of Shatin to Central Link – this June or July – will remain unchanged.

The total revenue of 2021 rose by 11 percent to HK$47 billion from HK$42 billion in 2020. Some HK$13 billion of the total revenue was generated through its transport operations.

The revenue from station commercial businesses and property rental and management businesses stood at HK$3.21 billion and HK$5.04 billion respectively.

Kam said the total ridership for MTRCL's rail and bus services increased by 23.3 percent from 1.31 billion in 2020 to 1.61 billion in 2021.

He added that the company's services constituted 47.3 percent of Hong Kong's franchised public transport market last year, a two percent increase from that in 2020.

Kam said that the profit from rail operations increased because of the rebound in domestic patronage, as effects brought by Covid curbs eased in the second half of 2021.

“Although retail sentiment generally improved in 2021, mall traffic and rentals remained sluggish compared to pre-pandemic levels due to the lack of inbound tourism and changing retail behavior among local customers,” Kam added.

MTRCL will fully support the government on the Northern Metropolis Development Strategy, which includes five new railway project, as well as the construction of a new Science Park/Pak Shek Kok Station along East Rail Line, Kam continued.

He added the company will tender out the Tung Chung Traction Substation site, the first phase of Tung Chung East Station and the first phase of the Siu Ho Wan Depot this year, depending on agreements between the corporation and the government.
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