Hong Kong’s MTR Corp posts profits of HK$7.78 billion for last year, down 20.8%, as property development earnings fall 80.1%

Rail giant CEO Jacob Kam vows company will continue to practise prudent cost management while seeking out smart technologies and innovations

Revenue climbs 19.17 per cent, but net profit from property development falls 80.1 per cent compared with year before

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Passengers at an MTR station. In 2020, the rail giant lost money for the first time since its listing two decades ago. Photo: Sun Yeung

Published: 6:07pm, 7 Mar 2024Updated: 10:11pm, 7 Mar 2024

Hong Kong’s MTR Corporation has posted profits of HK$7.78 billion (US$994.3 million) for last year, down 20.8 per cent from 2022 amid a sharp drop in gains from property development.

CEO Jacob Kam Chak-pui warned on Thursday the rail firm would continue to face a volatile global economic environment fraught with issues such as geopolitical dynamics, inflationary pressures and high interest rates.

“To counter these challenges, we will keep practising prudent cost management while seeking out smart technologies and innovations that can make our railway operations and maintenance even more efficient,” Kam said.

“We will also continue to expand our railway network in Hong Kong and seek commercially viable opportunities in mainland China and overseas to drive business growth,” he added.

Separately, the government announced on Thursday the reappointment of MTR Corp chairman Rex Auyeung Pak-kuen for another 1½ years, effective from July this year until the end of December in 2025. He first took up the post in July 2019.