MTR net profit almost doubles in 2007

MTR Corp<66>, the operator of Hong Kong's subway system, posted 2007 net profit nearly doubled from the previous year to stand at HK$15.2 billion (US$1.95 billion), said the company in a statement with the Hong Kong Stock Exchange.

The world's largest subway operator by market value contributed the robust increase to the rising housing prices in the city and higher passenger numbers after its takeover of another train company's operations last year. Sales soared 17% year-on-year to hit HK$5.84 billion.

The Corp, in which the Hong Kong's government owns a 76% stake, took advantage of local prosperous market and enjoyed strong real estate earnings. Its profit from developing residential and commercial properties near its tracks amounted to HK$8.3 billion, up 43% from a year ago.

MTR has expanded out of its headquarters to reduce its reliance on Hong Kong. Its venture with Laing Rail began operating five lines in November in Greater London under a seven-year contract. It is building a Beijing metro line and plans to bid for a subway project in Shenzhen.