WEDNESDAY, APRIL 16, 1986
3
MTRC MAINTAINS ITS ENVIABLE RECORD
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THE FINAL SECTION OF THE ISLAND LINE FROM ADMIRALTY TO SHEUNG WAN WILL OPEN ON MAY 23, 1986, SOME FOUR MONTHS AHEAD OF SCHEDULE AND AT A COST EXPECTED TO BE MORE THAN $500 MILLION BELOW BUDGET, THE FINANCIAL SECRETARY, THE HON SIR JOHN BREMRIDGE, SAID TODAY (WEDNESDAY).
TABLING THE ANNUAL REPORT AND ACCOUNTS OF THE MASS TRANSIT RAILWAY CORPORATION IN THE LEGISLATIVE COUNCIL, SIR JOHN SAID THAT THIS PRESERVED THE CORPORATION'S ENVIABLE RECORD OF BUILDING ITS RAILWAY ON OR AHEAD OF TIME AND WITHIN BUDGET.
HE SAID THAT THE OPENING OF THE ISLAND LINE IN MAY 1985 HAD ATTRACTED NEARLY 300 000 ADDITIONAL PASSENGERS TO THE MTR PER DAY.
+THE AVERAGE NUMBER OF PASSENGERS CARRIED ON EACH WEEKDAY WAS 1 454 000, AN INCREASE OF 24 PER CENT OVER THE NUMBER CARRIED IN DECEMBER 1984, + HE SAID.
GIVING A FURTHER BREAKDOWN OF STATISTICS FOR LAST YEAR, SIR JOHN SAID THE RAILWAY CARRIED A TOTAL OF 462 MILLION PASSENGERS IN 1985, AN INCREASE OF MORE THAN 12 PER CENT OVER 1984- AND FARE REVENUE FOR THE YEAR TOTALLED $1 300 MILLION, AN INCREASE OF 22 PER CENT OVER 1984.
OTHER SOURCES OF REVENUE, FROM ADVERTISING, PROPERTY AND STATION KIOSK RENTALS AND ESTATE MANAGEMENT FEES INCREASED BY 35 PER CENT TO $140 MILLION, HE ADDED.
SIR JOHN SAID THAT OPERATING PROFIT FOR 1984 BEFORE DEPRECIATION WAS $789 MILLION (AN INCREASE OF 22 PER CENT) AND AFTER DEPRECIATION TOTALLED $372 MILLION, AN INCREASE OF 17 PER CENT.
THE RATIO OF OPERATING PROFIT TO REVENUE WAS 55 PER CENT BEFORE DEPRECIATION, HE ADDED.
+WITH THE CHARGING OF INTEREST AND FINANCE COSTS ASSOCIATED WITH THE ISLAND LINE TO THE PROF IT AND LOSS ACCOUNT, INTEREST AND FINANCE CHARGES INCREASED BY 34 PER CENT OVER 1984 TO $1 160 MILLION, SIR JOHN SAID.
+AFTER INTEREST AND FINANCE CHARGES, THE CORPORATION'S LOSS WAS $788 MILLION, AN INCREASE OF $243 MILLIO OF 4 PER CENT OVER 1984.+
TURNING TO GOVERNMENT'S CASH INJECTION OF $1 500 MILLION ON DECEMBER 31 LAST YEAR, SIR JOHN SAID THE CORPORATION'S ISSUED
SF 212 MILLION SHARE CAPITAL TOTALLED $6 956 MILLION, COMPARED WIT A YEAR EARLIER.
THE CORFURATION,