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Wednesday, June 7, 1972
Referring to student monthly tickets, the Financial Secretary said
that the cost would be increased from $6 to $18.
Subject to Finance Committee's approval, he said, it was proposed
that the cost per ticket to the parents should be increased from $6 to $9,
with the remaining $9 being paid by Government to the Company in the form of
a subsidy to the student.
In his statement, the Financial Secretary said the number of
passengers carried by C.M.B. in 1970/71 was 180.6 million as against 199.4
million in 1969/70.
This is a reduction of 18,8 million or 9.4 percent.
"In 1971-72 the number of passengers is expected to be about 177.1
million," he said.
With the present fare structure and concessionary fares, C.M.B.
anticipated a net loss of $2.325 million in the year 1972/73, Mr. Haddon-Cave
said.
With the charges proposed, he said, the Company would earn a profit
of about $4.8 million after tax, yielding a return of about 14 percent on
assets employed.
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