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SPEECH BY THE HONOURABLE THE FINANCIAL SECRETARY IN LEGISLATIVE COUNCIL: WEDNESDAY 16 APRIL 1986
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ON MITC
In accordance with section 16 (4) of the Mass
Transit Railway Corporation Ordinance (Cap.270), the
annual report and accounts of the Mass Transit Railway
Corporation for the year ended 31 December 1985 are tabled today.
The opening of the Island Line in May 1985 has attracted nearly 300,000 additional passengers to
the Mass Transit Railway per day. Thus in December 1985,
the average number of passengers carried on each
weekday was 1,454,000, an increase of 24% over the
number carried in December 1984. The railway carried
a total of 462 million passengers in 1985, an increase
of more than 12% over 1984. Fare revenue for the year
totalled $1,300 million, an increase of 22% over 1984.
Other sources of revenue, principally from advertising,
property and station kiosk rentals and estates management
fees increased by 35% to $140 million.
Operating profits earned before and after depreciation respectively totalled $789 million and $372 million, representing increases of 22% and 17%
over 1984. The ratio of operating profit to revenue
was 55% before depreciation. With the charging of
interest and finance costs associated with the Island
Line to the profit and loss account, interest and
finance charges increased by 34% over 1984 to $1,160 million.
After interest and finance charges, the Corporation's
loss was $788 million, an increase of $243 million or
45% over 1984.
нии 1731
RECEIVED IN REGISTRY
2 5 APR 1986