HK rail operator MTR hits 3-1/2 month low as earnings plunge

MTR

06/03/2020 04:10

** Shares of rail operator MTR Corp Ltd  0066.HK  fall as
much as 1.6% to HK$42.75, their lowest since Nov. 22
    ** Company's 2019 net profit attributable to shareholders
fell 25.5% to HK$11.9 bln ($1.53 bln), with earnings from its
recurrent business plunging 44.8% hit by protests in Hong Kong
 urn:newsml:reuters.com:*:nL8N2AY2GW
    ** Total number of passengers dropped 6.4%
    ** Says several boundary crossings with the mainland have
been closed amid the coronavirus epidemic since beginning of
2020, while work-from-home, school closure measures, and fewer
tourist and local commuters hit domestic service
    ** Company says outlook challenging amid slower growth in
major economies, global political situation and Hong Kong
protests, while virus impact on businesses is set to continue
    ** Stock down 5.7% this year up to last close
    ** MTR has underperformed the Hang Seng Utilities Index
sector  .HSNU  by 3.3 percentage points in the last month
    ** The Hong Kong Hang Seng sub-index tracking property firms
 .HSNP  drops 2.4%, and the benchmark index  .HSI  falls 2.1%
($1=7.7717 Hong Kong dollars)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)