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MTR’s 2010 Underlying Profit Climbs 19% on Property, Rail

MTR Corp., Hong Kong’s subway operator that gets revenue from sales of apartments above its stations, said 2010 underlying profit rose 19 percent, as the city’s economic growth boosted home sales and fare revenue.

Underlying profit, which excludes property valuation gains or losses, climbed to HK$8.7 billion ($1.1 billion) for the year ended Dec. 31, according to a statement to the Hong Kong stock exchange. Net income rose to HK$12.5 billion from HK$9.9 billion a year earlier. The average estimate of nine analysts Bloomberg surveyed was HK$8.9 billion.