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MTR Provides About $2B for Hung Hom Incident, Tuen Ma Line Costs in 1H19
2019-07-18 16:41:34
MTR CORPORATION (00066.HK) announced that in order to progress the Shatin to Central Link project and to facilitate the opening of commercial service on the Tuen Ma Line from Tai Wai Station to Kai Tak Station in the first quarter of 2020, the Company will fund, on an interim and without prejudice basis, the costs arising from the Hung Hom incidents and certain costs associated with the phased opening of the Tuen Ma Line, whilst reserving its position as to the ultimate liability for such costs.

Currently, the Company’s best estimate of such costs is around HK$2 billion in aggregate. In light of this, the Company will make a provision of HK$2 billion in its consolidated profit and loss account for the six months ended 30 June 2019. This amount does not take into account any potential recovery from any other party.
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