Special Report: Global Financial Crisis

    HONG KONG, March 10 (Xinhua) -- The Mass Transit Railway of Hong Kong (MTR) recorded a 64.9 percent rise in revenue for 2008 to 17.628 billion HK dollars, as the company released the financial results here on Tuesday.

    The MTR's fare revenue grew 61.2 percent to 11.467 billion HK dollars, while property development profit fell 43.8 percent to 4.67 billion HK dollars.

    Corporation Chief Executive Officer Chow Chung-kong said the company's financial results last year reflect the significant impact of the rail merger, despite the less than favorable economic climate due to the global financial turmoil.

    "The rail merger was successfully implemented, and we have delivered on all of the promises we made to our passengers and stakeholders," Chow said, adding the implementation of the pledged fare reduction has benefited 2.8 million passengers.

    "In addition, we have achieved synergies of over 350 million HK dollars in 2008, ahead of schedule. The rail merger has made MTRC a stronger company with confidence to face the future."

    Looking ahead, Chow said the corporation's growth business will see a number of milestones this year, including the opening of the Tseung Kwan O Line extension in mid-2009 and the Kowloon Southern Link in the second half.

    "Economic conditions globally and in Hong Kong remain uncertain with forecasts of negative economic growth in Hong Kong for 2009. Given these conditions, we are taking a cautious approach to 2009," he said.