MTR Corp 2017 Net Profit Rises 64%, Beating Expectations
By Chester Yung
Hong Kong rail operator MTR Corp. (0066.HK) on Thursday reported better-than-expected net profit for 2017, thanks to higher property sales in China and steady contributions from its rail and retail commercial operations.
The company's full-year net profit rose 64% from the previous year to 16.83 billion Hong Kong dollars (US$2.15 billion), beating analysts' forecast of HK$10.37 billion in a FactSet poll. Its total revenue for the period rose 23% to HK$55.44 billion, while revenue from its property development in China jumped to HK$7 billion from HK$1.35 billion a year earlier.
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. The blue-chip company, which is controlled by the city's government, recommended a final dividend of 87 Hong Kong cents (11 U.S. cents) a share.
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(END) Dow Jones Newswires
March 08, 2018 04:33 ET (09:33 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.