Call for change to MTR fare mechanism

Labour Party lawmaker Lee Cheuk-yan has urged the MTR Corporation not to raise fares this year despite a sharp drop in profits.

On Friday the rail operator announced its annual profit fell 16.7 percent to just under HK$13 billion last year.

Lee said the fare adjustment mechanism should be reviewed as soon as possible to stop MTR from raising fares while enjoying big profits.

The MTR made more than $2.3 billion from selling homes here in Hong Kong last year. In 2014, the figure was $4.2 billion. MTR’s chief executive officer, Lincoln Leung, said the company will add more shop space to its property mix.

He said in five years’ time, the corporation aims to add over 120,000 square metres of shopping space. Underlying profit, including the valuation of investment property, was also down 6 percent to HK$10.9 billion.

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