The Mass Transit Railway Corporation's reported net profit, including investment property revaluation, rose 98% to $5.167 billion in the first half of this year.

The good results benefited from strong property development income and continued growth in the corporation's recurring businesses. As a result, revenue rose 4.1% to $4.566 billion while operating profit from the railway and related operations before depreciation rose 3.9% to $2.639 billion.

Property development profit of $4.072 billion was garnered mainly from The Grandiose and Metro Town in Tseung Kwan O.

Profit attributable to equity shareholders, excluding gain from revaluation of investment properties net-tax, grew 123.2% to $3.948 billion. Gain from investment properties revaluation was $1.478 billion pre-tax ($1.219 billion post-tax) resulting in reported net profit of $5.167 billion, up 98.3% on the same period last year.

Reported earnings per share rose 95.8% to 94 cents. The MTRC board declared an interim dividend of 14 cents per share.

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