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MTR Corp profit falls on weaker property income
#1
MTR Corp profit falls on weaker property income
From: South China Morning Post
By: Sijia Jiang and Peggy Sito
Date: 11/03/16

MTR Corporation posted a 5.9 per cent fall in post-tax underlying profit for last year to HK$10.89 billion on weaker property income, but its chief vowed on Friday to proceed with a HK$21 billion special dividend payout.

The Hong Kong railway operator, which also develops housing near its stations, said a 34 per cent drop in profit contribution from its property development business was to blame for a 16.7 per cent drop in profit attributable to shareholders to HK$12.99 billion.

“Our underlying profits did see a decline, but that is mainly due to our non-recurrent property development profits in 2015, which saw only the booking of profits from Hemera Lohas Park III, significantly less than in 2014 from the Austin station project,” MTR Corp chief executive Lincoln Leong said. Recurring business profit grew 6.7 per cent to HK$8.565 billion, while total revenue increased 3.8 per cent to HK$41.7 billion.

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