Latest news with #JacobKam
Yahoo
5 days ago
- Business
- Yahoo
Hong Kong MTR 'Harvesting' From Property Arm, CEO Says
Jacob Kam, CEO of Hong-Kong listed railway operator MTR, says the company has been getting its infrastructure prepared for bad weather as the city experiences extreme conditions. He also says MTR is at a "harvesting stage" in its property development program, which helped offset losses from recurrent business to help book a 27.5% rise in first-half net profit. He speaks on "Bloomberg: The China Show." Sign in to access your portfolio
Bloomberg
5 days ago
- Business
- Bloomberg
Hong Kong MTR 'Harvesting' From Property Arm, CEO Says
Jacob Kam, CEO of Hong-Kong listed railway operator MTR, says the company has been getting its infrastructure prepared for bad weather as the city experiences extreme conditions. He also says MTR is at a "harvesting stage" in its property development program, which helped offset losses from recurrent business to help book a 27.5% rise in first-half net profit. He speaks on "Bloomberg: The China Show." (Source: Bloomberg)
RTHK
5 days ago
- Business
- RTHK
Fuelled by property growth, MTR interim profit up 27pc
Fuelled by property growth, MTR interim profit up 27pc The MTR Corporation has reported a 27 percent increase in profit in the first half of the year, thanks to higher patronage as well as its property business. The rail operator said interim profit reached HK$7.7 billion, up from HK$6.04 billion in the same period last year. The company said local transport operations saw steady revenue growth, driven by an increase in patronage from cross-boundary and high-speed rail services. Property development, including projects at Ho Man Tin and Wong Chuk Hang stations, contributed to the bigger bulk of the first-half profit at HK$5.5 billion. That more than tripled property earnings of HK$1.7 billion a year ago. Total revenue declined 6.5 percent year on year to HK$27.3 billion, partially dragged down by a drop of HK$1.2 billion in investment property valuation. Speaking at a press conference, Jacob Kam, the MTR's chief executive, said the group's business remained overall stable, but noted challenges lie ahead. "We're now in a major phase of railway investment and construction while also upgrading our railway assets. In the future, we will maintain prudent financial management shaping forward-looking strategies to guide the corporation's growth," he said. "We will continue to adhere to the 'Think Ahead, Stay Ahead' principle to expand our businesses and strengthen Hong Kong's future through building new railways and growing communities. The MTR declared an interim dividend of HK$0.42 per share, same as a year ago.
RTHK
6 days ago
- Business
- RTHK
Fuelled by property growth, MTR interim profit up 27pc
Fuelled by property growth, MTR interim profit up 27pc The MTR Corporation says property development profit more than triples in the first half of the year. Photo: RTHK The MTR Corporation has reported a 27 percent increase in profit in the first half of the year, thanks to higher patronage as well as its property business. The rail operator said interim profit reached HK$7.7 billion, up from HK$6.04 billion in the same period last year. The company said local transport operations saw steady revenue growth, driven by an increase in patronage from cross-boundary and high-speed rail services. Property development, including projects at Ho Man Tin and Wong Chuk Hang stations, contributed to the bigger bulk of the first-half profit at HK$5.5 billion. That more than tripled property earnings of HK$1.7 billion a year ago. Total revenue declined 6.5 percent year on year to HK$27.3 billion, partially dragged down by a drop of HK$1.2 billion in investment property valuation. Speaking at a press conference, Jacob Kam, the MTR's chief executive, said the group's business remained overall stable, but noted challenges lie ahead. "We're now in a major phase of railway investment and construction while also upgrading our railway assets. In the future, we will maintain prudent financial management shaping forward-looking strategies to guide the corporation's growth," he said. "We will continue to adhere to the 'Think Ahead, Stay Ahead' principle to expand our businesses and strengthen Hong Kong's future through building new railways and growing communities. The MTR declared an interim dividend of HK$0.42 per share, same as a year ago.
South China Morning Post
25-06-2025
- Business
- South China Morning Post
Hong Kong's MTR Corporation to promote managing director Jeny Yeung to CEO
The MTR Corporation has promoted managing director Jeny Yeung Mei-chun to CEO from January next year and tasked her with leading the Hong Kong rail giant through a transformation. The corporation, which is nearly 75 per cent owned by the Hong Kong government, said on Wednesday that Yeung would succeed CEO Jacob Kam Chak-pui on January 1 next year for a three-year term following a global selection process. Kam, 63, was made chief executive officer in April 2019 and had his contract renewed twice. Yeung will become the first female CEO in the corporation's 45-year history. The successor of Yeung's current role as the managing director of Hong Kong transport services will be announced later. Yeung, 60, who joined the corporation in 1999, was instrumental in expanding its retail and advertising businesses on the rail networks, spearheading its digital transformation and promoting smart mobility and asset management, the MTR said.
