Profits drop to HK$14.6 billion as rail giant cites lower mainland and overseas project contributions amid mounting maintenance costs
1-MIN READ1-MIN ListenLam Ka-singPublished: 5:27pm, 12 Mar 2026Updated: 5:37pm, 12 Mar 2026Hong Kong rail giant MTR Corporation’s net profit dropped 6.9 per cent to HK$14.68 billion (US$1.88 billion) last year, from HK$15.77 billion in 2024, as higher depreciation costs and weaker revenue from its mainland China operations weighed on earnings.
The corporation recorded a property development profit of HK$11.08 billion last year, up from HK$10.27 billion in 2024, with income generated from projects including The Southside, Lohas Park and Ho Man Tin station.
However, the corporation warned on Thursday that a substantial portion of its earnings would be allocated to asset maintenance, upgrades, replacements and the expansion of the city’s extensive rail network, which it said poses “considerable financial challenges”.
“While the macroeconomic situation remains challenging – particularly in relation to consumer behaviour and spending – the improving economic landscape and property sector suggest that we may begin to enjoy a somewhat healthier operating environment,” CEO Jeny Yeung Mei-chun said on Thursday, in her first results statement since being promoted to lead the firm on January 1.
The company said revenue fell 7.6 per cent to HK$55.47 billion for the year ended December 31, 2025, after handing over operations of the UK’s Elizabeth line and recording lower project revenue from its Melbourne operations.
Excluding property development profit, earnings from recurrent businesses dropped by 21.6 per cent to HK$5.65 billion.
