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THURS APRIL 18, 1985
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LAST YEAR, THE MTR CARRIED 411 MILLION PASSENGERS SLIGHTLY LESS THAN THE 412 MILLION IN 1983. TOTAL FARE AND OTHER RECURRENT REVENUES EARNED BY THE CORPORATION ROSE BY 13 PER CENT TO $1 168 MILLION.
+OPERATING PROFIT BEFORE DEPRECIATION INCREASED BY 16 PER. CENT TO $647 MILLION, EQUIVALENT TO 55 PER CENT OF REVENUE. THE PROFIT BEFORE INTEREST AND FINANCE CHARGES INCREASED TO $318 MILLION, A 26 PER CENT IMPROVEMENT ON 1983.
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→BECAUSE OF THE NEED TO SERVICE HEAVY INTEREST AND FINANCE CHARGES, THE CORPORATION SUFFERED A LOSS OF $355 MILLION, WHICH IS 53 PER CENT LESS THAN 1983. THE PROF ITS REALISED FROM PROPERTY DEVELOPMENTS AND REDUCED INTEREST CHARGES AS A RESULT OF THE STRONG HONG KONG DOLLAR LAST YEAR HAVE CONTRIBUTED SIGNIFICANTLY TO THIS REDUCTION, + HE SAID.
.NEW LOAN FACILITIES NEGOTIATED BY THE CORPORATION DURING 1984 TOTALLED $3.5 BILLION. BY THE END OF 1984 LOANS RAISED BY THE CORPORATION TOTALLED $26.5 BILLION. AS A RESULT OF THE CUMULATIVE LOSSES SUFFERED BY THE CORPORATION OVER THE LAST FIVE YEARS, SHAREHOLDERS' FUNDS AT YEAR END WERE REDUCED TO $2 843 MILLION.
+THE GOVERNMENT SHARES THE CORPORATION'S CONCERN ABOUT THE RATE AT WHICH THE SHAREHOLDERS' FUNDS ARE BEING DEPLETED AND IS NOW CONSIDERING SUITABLE MEASURES TO IMPROVE THE CORPORATION'S FINANCIAL POSITION, SIR JOHN SAID.
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PRIVILEGES AND IMMUNITIES BILL INTRODUCED *****
THE PURPOSE OF THE PRIVILEGES AND IMMUNITIES (JOINT LIAISON GROUP) BILL 1985 WAS TO FULFILL THE HONG KONG GOVERNMENT'S OBLIGATION UNDER THE TERMS OF ANNEX | TO PROVIDE DIPLOMATIC PRIVILEGES AND IMMUNITIES FOR THE FIVE CHINESE MEMBERS OF THE JOINT LIAISON GROUP FOR MEETINGS IN HONG KONG, THE ATTORNEY GENERAL, THE HON MICHAEL THOMAS, SAID TODAY.
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MOVING THE SECOND READING OF THE BILL, MR THOMAS NOTED THAT CLAUSE 10 OF ANNEX I TO THE SINO-BRITISH JOINT DECLARATION PROVIDED THAT THE MEMBERS OF THE JOINT LIAISON GROUP SHOULD ENJOY PRIVILEGES AND IMMUNITIES AS APPROPRIATE WHEN IN THE THREE LOCATIONS FOR MEETINGS OF THE GROUP, WHICH WERE BEIJING, LONDON AND HONG KONG.
+THIS MUST BE DONE BEFORE THE EXCHANGE OF INSTRUMENTS OF RATIFICATION CAN TAKE PLACE, MR THOMAS SAID.
/HE SAID