MTR Posts HK$4.8 Billion Loss For 2020

The MTR Corporation said on Thursday that it has reversed into the red, after its transport, retail and advertising businesses were all pummelled by the coronavirus crisis.

The railway operator reported a HK$4.8 billion loss for 2020, after making a profit of almost HK$12 billion the year before.

"2020 has been the most challenging year in our 40 years of business history," said the company's CEO, Jacob Kam.

Total patronage across the company's rail and bus passenger services was down by nearly a third, while revenue from its transport operations in Hong Kong plunged 40 percent.

Kam said he expects it will take more than a year for patronage figures to climb back to normal levels.

Total revenue from MTR station commercial activities halved, after the company gave rental concessions to shop tenants affected by pandemic restrictions, and suspended cross-boundary rail services.

But Kam said the MTR would still be spending for the future.

"As we continue to plan ahead, as we are preparing to invest over HK$100 billion for new lines and new property development, we want to create more jobs and more opportunities for the people of Hong Kong," he said.