Lower property earnings saw the Mass Transit Railway Corp's (MTRC) profit in the six months to June 30 fall 8.45 per cent from a year earlier, to HK$1.05 billion.
Turnover in the half increased 5.3 per cent compared with a year earlier, to HK$3.65 billion.
'The drop in profit from property development in the period was mainly because of the industry-wide slump and fewer property units were sold,' finance director Clement Kwok King-man said.
He also attributed part of the reduced earnings to the deferred booking of property sales.
'But the company managed to lower costs and raise operating profit,' he said.
Operating profit from railway and related operations rose 18.8 per cent, year on year, to HK$1.95 billion. At the same time property-development operating profit fell 27.29 per cent, to HK$746 million.