MTR Corp posts HK$9.55 billion profit for last year, but warns tough times ahead as Covid-19 cuts into patronage
- CEO Jacob Kam says fifth wave of pandemic has brought uncertainty to company’s outlook
- Recovery comes after posting deficit of HK$4.8 billion in 2020, its first loss ever
But the rail giant warned on Thursday that the now-raging fifth wave of the pandemic posed unprecedented challenges to its operations, with more than 2,900 employees infected and service reduced due to a dramatic drop in ridership.
CEO Jacob Kam Chak-pui conceded that the health crisis had left the MTR Corp faced with an uncertain outlook.
“Over the past two years or so, the corporation, as well as Hong Kong and all the other cities we serve, have been facing unprecedented challenges,” he said. “Our recurrent revenues, including railway business as well as the station and mall businesses, have undergone an unprecedented adverse impact and the outlook for the next few months is somewhat uncertain.”
In 2020, the MTR Corp lost money for the first time since its listing two decades ago, posting a deficit of HK$4.8 billion as it reeled from the effects of the 2019 social unrest and the economic ravages of Covid-19.