This post was originally published on South China Morning Post.
Battered by the coronavirus pandemic, Hong Kong’s MTR Corporation warns of losses of HK$4.8 billion in 2020
Hong Kong’s rail giant has warned that it has slipped into the red for the first time since its listing two decades ago, with projected losses last year totalling some HK$4.8 billion (US$619.1 million) after it was derailed by the Covid-19 pandemic and a troubled mega project.The semi-privatised MTR Corporation said on Tuesday that the expected loss – calculated based on a preliminary assessment – came after a HK$11.9 billion net profit in 2019.“The significant adverse impact of the ongoing…