Hong Kong MTR Fares to Rise by 3% Despite HK$7.8 Billion Profit
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Hong Kong MTR fares will increase by about 3% in June, despite the MTR Corporation (MTRC) logging a profit of HK$7.8 billion in 2023. The fare adjustment mechanism considered public affordability and capped the increase at 3.09%, equivalent to the change in median monthly household income in 2023. The remaining 1.96% increase will be deferred to next year. Lawmaker Ben Chan expressed concern about the burden on commuters and urged the MTRC to consider cancelling the deferred adjustment rate and promoting fare concessions. Fares last rose a year ago by 2.3%.
Hong Kong's economy has faced challenges in recent years, including the impact of the 2019-2020 social unrest and the Covid-19 pandemic. The country experienced contractionary phases in three of the five years between 2019 and 2023. ...
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