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WEDNESDAY, MAY 1, 1985
KCRC CUTS LOSS, CARRIES MORE PASSENGERS
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THE KOWLOON-CANTON RAILWAY CORPORATION SUFFERED A LOSS OF $65 MILLION FOR THE YEAR ENDING DECEMBER 31, 1984, AFTER DEPRECIATION AND INTEREST CHARGES, AND THIS WAS 58 PER CENT LESS THAN THE LOSS FOR THE PERIOD FROM FEBRUARY TO DECEMBER 1983, THE FINANCIAL SECRETARY, THE HON SIR JOHN BREMRIDGE, TOLD THE LEGISLATIVE COUNCIL TODAY.
TOTAL REVENUE, HE EXPLAINED, CAME TO $410 MILLION, AND THE RESULTANT OPERATING PROF IT BEFORE DEPRECIATION AND INTEREST WAS $148 MILLION.
THE DEBT OUTSTANDING TO THE GOVERNMENT HAD BEEN REDUCED TO $1 BILLION, FOLLOWING THE REPAYMENT OF INTEREST ACCRUED THROUGH 1983, SIR JOHN SAID, TABLING THE KCRC ANNUAL REPORT FOR 1984.
BUT THE 78.7 MILLION PASSENGERS CARRIED BY THE RAILWAY DURING THE YEAR REPRESENTED AN INCREASE OF 63.6 PER CENT OVER THE NUMBER CARRIED IN 1983, HE SAID,
+CROSS BORDER TRAVEL THROUGH LO WU INCREASED BY 57 PER CENT TO 13.2 MILLION PASSENGER MOVEMENTS, WHILE FREIGHT CARRIED TO AND FROM CHINA IN TERMS OF WEIGHT INCREASED BY 50 PER CENT AND 9.8 PER CENT RESPECTIVELY, HE SAID.
SIR JOHN ASSURED MEMBERS THAT THE RELIABILITY OF THE SYSTEM WOULD BE FURTHER IMPROVED AFTER CERTAIN SHORT AND LONG TERM REMEDIAL MEASURES HAD BEEN IMPLEMENTED.
+DESPITE A NUMBER OF DISRUPTIONS WHICH OCCURRED TOWARDS THE END OF 1984, THE RAILWAY ACHIEVED A GOOD OVERALL PUNCTUALITY RATE OF 96.6 PER CENT, HE SAID.
TURNING TO THE CONSTRUCTION AND OPERATION OF A NEW LIGHT RAIL TRANSIT SYSTEM IN THE WESTERN NEW TERRITORIES, SIR JOHN SAID TENDERS FOR THE PROJECT HAD BEEN INVITED AND THE CONTRACT WOULD BE AWARDED IN THE MIDDLE OF THIS YEAR.
THE CORPORATION, HE SAID, HAD MADE A SUCCESSFUL START IN OPERATING THE NEWLY ÉLECTRIFIED AND MODERNISED RAILWAY.
BY TAKING ON THE LIGHT RAIL TRANSIT SYSTEM SCHEDULED FOR SERVICE IN MID-1988, THE CORPORATION WAS EXPANDING ITS ROLE IN PROVIDING PUBLIC TRANSPORT SERVICES TO THE COMMUNITY, HE SAID.
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