MTR Corp 1st Half Net Profit Up 46% to HK$7.48 Billion

By Joanne Chiu Features Dow Jones Newswires

Hong Kong rail operator MTR Corp. (0066.HK) said Thursday its first-half net profit jumped 46% from a year earlier, thanks to higher property sales and a steady contribution from its rail and retail commercial operations.

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Net profit for the six months ended June 30 totaled 7.48 billion Hong Kong dollars ($957.4 million), up from HK$5.12 billion a year earlier. Profit from its property development operations in Hong Kong surged to HK$1.37 billion from HK$207 million a year earlier.

The rail operator's first-half revenue rose 40.8% to HK$30 billion from HK$21.31 billion.

MTR Corp. has the right to develop commercial and residential properties above some of its train stations and owns a number of shopping malls and commercial buildings. Same as a year earlier, the blue-chip company that is controlled by the city's government recommended an interim dividend of 25 Hong Kong cents a share.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

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August 10, 2017 05:01 ET (09:01 GMT)