Hong Kong's Mass Transit Railway Corporation (MTRC) announced Thursday that its reported net profit, including investment property revaluation, rose 98 percent to 5.167 billion HK dollars (662.44 million U.S. dollars) in the first half of this year.

The good results benefited from strong property development income and continued growth in the corporation's recurring businesses, the company said. As a result, revenue rose 4.1 percent to 4.566 billion HK dollars (585.38 million U.S. dollars) while operating profit from the railway and related operations before depreciation rose 3.9 percent to 2.639 billion HK dollars (338.33 million U.S. dollars).

Property development profit of 4.072 billion HK dollars (522.05 million U.S. dollars) was garnered mainly from The Grandiose and Metro Town in Tseung Kwan O.

Profit attributable to equity shareholders, excluding gain from revaluation of investment properties net-tax, grew 123.2 percent to 3.948 billion HK dollars (506.15 million U.S. dollars). Gain from investment properties revaluation was 1.478 billion HK dollars (189.49 million U.S. dollars) pre-tax (1.219 billion HK dollars (156.28 million U.S. dollars) post-tax), resulting in reported net profit of 5.167 billion HK dollars (662.44 million U. S. dollars), up 98.3 percent on the same period last year.

Reported earnings per share rose 95.8 percent to 94 cents. The MTRC board declared an interim dividend of 14 cents per share.

Source: Xinhua