XCC(80)137
26
The estimated revenue, based on the figures of boardings in Table 1 and the MTRC's proposed fares (at 1980 prices raised by 11% per annum for 1981 and 1982 and by 9% per annum thereafter to allow for inflation) is given in Table 2 below:
Table 2: Island Line Estimated Revenue
($ Million)
1986 1991
1996
198
1,307
2, 618
These revenue figures take account of the fact that many of the Island Line boardings would have an origin or destination on other parts of the MTR system, that is, the figures represent the additional revenue to the MTRC as a consequence of building the Island Line. By way of contrast, it is expected that operating costs (at current prices) would be $111 million, $421 million and $681 million respectively in these same years. Operating costs are defined to include wages, overheads and fuel. In addition, interest payments and other financing charges for which the Corporation would be liable in the same years would probably be of the order of $342 million, $296 million and nil respectively.
27
The estimated costs of constructing the Island Line from Western Market to Chai Wan, in terms of MTRC and Government outlays at 1980 prices and excluding interest and other financing charges, are as indicated in Table 3:
Table 3: Estimated Direct Cost of
Island Line Project
Railway construction (including
rolling stock)
MTRC's overhead costs (at an assumed rate
of 17% of construction costs)
Land acquisition
Compensation for pecuniary losses
Route protection measures
Total
($ Million, at 1980 prices)
5, 238
860
961
25
11
7,095
To the extent that some of the Government's outlays were recovered from the Corporation in the form of cash payments, the summary of the financial implications of the Island line in Table 4 below would have to be appropriately adjusted.
28
Property development is an integral part of the proposal for the Island Line. The MTRC has proposed that, in partnership with private property
G.S. 166
CONFIDENTIAL
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