[ET Net News Agency, 9 March 2018] Moody's Investors Service said that MTR Corporation
Limited's (MTRC)(00066) results for 2017 are in line with Moody's expectations and support
the company's Aa2 issuer and senior unsecured ratings, as well as the stable ratings
outlook.
"MTRC's steady financial results and operating performance during 2017 were underpinned
by its solid operations in railway and station commercial businesses in Hong Kong, which
support in turn the company's stable credit profile," said Ralph Ng, a Moody's Analyst.
MTRC recorded a 22.7% year-on-year growth in its reported revenue to HK$55.4 billion in
2017, mainly driven by the recognition of revenue from property development above the
depot of its railway project in Shenzhen, and the full-year contribution of its rail
operation concession of Stockholm commuter rail which was obtained in late 2016.
Excluding all property-related revenue and profits from China, the company's recurring
revenue and EBITDA would have registered about HK$48.4 billion and HK$17.7 billion,
representing a year-on-year growth of 10.5% and 4.3% in 2017. (KL)