سلام
- 2 -
The Corporation's major investment in the three
railway lines is completed. These were, and still are,
funded principally by debt.
Last year the Corporation's
aggregate debt reduced by $1,000 million to $18,179
million. However, interest and finance costs for the year
at $1,400 million were little changed from the previous
year.
7
le
le
The receipt of property development profits of
$720 million followed the successful completion of several
joint ventures, including that of the Kornhill development
at Quarry Bay. It must, of course, be remembered that
whilst property development profits have been an important
source of funds for the Corporation, they are not a secure
form of recurrent revenue. They continue, however, to
make a very useful contribution to the Corporation's
financial position.
7/lc
le
le
بھر
Overall, for 1987, the Corporation's net loss
was significantly reduced to $78 million compared with
$470 million in 1986. The Corporation's projections look
forward to a growth in operating profits well on schedule
1905 to cover interest costs in the early ninettes and
thereafter to retire progressively the Corporation's debt.
1.
·
But even with a reducing debt, an active
financing programme was necessary during 1987, mainly to
refinance maturing and existing facilities at lower cost
and for longer periods. This was materially assisted by