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MTR sees 2011 net profit rise 22%

Mar. 9, 2012 (China Knowledge) - MTR Corp<0066>, the operator of Hong Kong's subway system, said yesterday that its net profit jumped 22% year on year to HK$14.72 billion last year.

The largest public transportation provider in Hong Kong attributed the increase in net profit to rising commercial property prices and steady contributions from its core rail operations and retail income.

The company recorded property revaluation gain of HK$5.09 billion last year, up from HK$4.07 billion in 2010. Excluding the revaluation gain, the company's underlying profit increased 21% to HK$10.47 billion in 2011.

MTR saw its revenue reach HK$33.42 billion last year, up 13% year on year. The firm proposed a final dividend of 51 HK cents, up from 45 HK cents a year earlier.

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