The firm proposed a divided of HK$0.14 a share - the same amount paid in the first half of 2003. In the first half, the number of passengers travelling on the firm's five subway lines rose 12 percent and travellers on the express line to the city's airport rose 32.5 percent from the first half of 2003.įor the full year, analysts expect the firm to make a net profit of HK$3.5 billion, less than 2003's HK$4.45 billion. The firm's earnings from property totalled HK$1.15 billion, a 70 percent jump, largely due to proceeds from developments on the Tung Chung line, which runs from Hong Kong's central business district to the outlying island of Lantau. The results topped a forecast of HK$773 million, according to the average four analysts polled by Reuters, due to higher than expected revenue from the firm's property developments. MTR made a net profit of HK$1.18 billion (US$151.3 million) in the first six months of 2004 compared with HK$113 million in the first half of 2003, when SARS devastated an already weak economy. "Looking into the second half of 2004, we anticipate steady progress in our rail, station and property investment businesses," he added. A surge in tourism, improvement in the property market and consumer sentiment all impacted positively on MTR's performance," CK Chow, the firm's chief executive, said in a statement. "We saw a steady recovery in the Hong Kong economy after SARS. Both firms are controlled by the cash-strapped Hong Kong government, which wants to cut costs by combining the firms. MTR, which typically derives the bulk of its earnings by developing properties around and above its stations, is merging with suburban rail operator Kowloon-Canton Railway Corp. HONG KONG, Aug 3 (Reuters) - Hong Kong subway operator MTR Corp said on Tuesday its first-half earnings rose ten-fold, helped by a surge in property sales but a merger with its cross-town counterpart is clouding the outlook. HK's MTR profits surge ten-fold on property sales Consultation is now in progress on the proposed South Island Line and West Island Line as a railway alternative to the transport needs of the west and south sides of Hong Kong Island. Earlier in July 2002, the MTR was awarded both the Penny's Bay Rail Link and the Tung Chung Cable Car projects. The Tseung Kwan O Extension is the newest line to be completed and commenced service in August 2002. Significant progress has been made with the construction of new lines and associated property developments. To meet escalating passenger demands, the Corporation expanded its train fleet from 140 cars in 1979 to 1,050 cars in 2002 (including 88 cars for the Airport Express), 86% of which are in service to meet the daily morning peak demand. With a railway network of 87.7 kilometres route with 50 stations, the MTR carries over 2.3 million passengers a day - one of the most intensively utilized systems in the world. Since operations began in 1979, the MTR Railway has become one of the most important elements of Hong Kong's transportation network.
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