\r\nIncreased revenues corresponded with an 11.1% increase in Ebitda to $HK 12.12bn. Profit from underlying businesses increased 20.9% to $Hk 10.47bn, while property development generated a $HK 4.93bn profit.\r\n\r\nThe railway's reputation for exemplary service was also maintained during the year with a 99.9% on-time performance. MTR cites its annual investment of more than $HK 4bn in maintenance as the secret of its success.\r\n\r\nFive projects to expand Hong Kong's metro are currently underway (IRJ October 2011 p49), with project agreements for the South Island Line and Kwun Tong Line extension signed during the year.\r\n\r\nIn terms of its overseas operations, in Shenzhen, the second phase of the Longhua Line commenced operations on 16 June 2011, recording 60.5 million journeys in 2011, while MTR's subsidiaries, SZMTR and MTR Property won the bid to build the first phase of the Longhua Depot. Elsewhere in China, Beijing Metro Line 4 and Daxing Line carried a total of 374.4 million passenger journeys in 2011.\r\n\r\nFurther afield, London Overground Rail Operations, a 50:50 joint venture with Arriva, began operating phase 1a of the East London Line in February 2011, while MTRS operations in Stockholm continued to show improvements in train availability and punctuality. However, its Melbourne rail operations were impacted by adverse weather during the year. A new revised timetable and lifting of speed restrictions has though led to improvements in train reliability and service delivery.