Hong Kong’s MTR Corp net profit falls 6.9% amid weaker mainland China revenue

The net profit of Hong Kong’s MTR Corporation dropped by 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 the rail giant’s Mainland China operations weighed on earnings.The company 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.But the MTR Corp 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 posed “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 in the company’s first results statement since she was promoted on January 1.The company said revenue fell by 7.6 per cent to HK$55.47 billion for the year ending on December 31, 2025, after handing over operations of London’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.