WEDNESDAY, MAY 11, 1988
24
KCR CORPN MAKES $276 MILLION NET PROFIT IN 1987
THE KOWLOON-CANTON RAILWAY CORPORATION ACHIEVED A NET PROFIT OF $276 MILLION IN 1987, THE FINANCIAL SECRETARY, THE HON PIERS JACOBS, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
TABLING THE ANNUAL REPORT AND ACCOUNTS OF THE KOWLOON-CANTON RAILWAY CORPORATION FOR THE YEAR ENDING DECEMBER 31, HE SAID THE NET PROFIT ACHIEVED WAS MORE THAN TWICE THE $117 MILLION ACHIEVED IN 1986, AND THE $47 MILLION LOSS ACCUMULATED SINCE THE FORMATION OF THE CORPORATION IN 1983 WAS THUS ELIMINATED.
RAILWAY
"1987 WAS A SUCCESSFUL YEAR FOR THE KOWLOON-CANTON CORPORATION, PROFITABILITY IMPROED SUBSTANTIALLY AND ALL REVENUE GENERATING ACTIVITIES SHOWED HEALTHY GROWTH, HE SAID.
**
"TOTAL REVENUE FOR THE YEAR AMOUNTED TO $964 MILLION, 31 PER CENT HIGHER THAN THAT FOR 1986.
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*THE CORPORATION'S CURRENT AND NON-CURRENT LIABILITIES AT YEAR END WERE $394 MILLION AND $191.2 MILLION RESPECTIVELY.
It
MR JACOBS NOTED THAT THE FIVE BUSINESS AREAS OF CORPORATION ALL PERFORMED WELL.
THE
"THE HEAVY RAIL CARRIED OVER 136 MILLION PASSENGERS DURING THE YEAR, AN 18 PER CENT INCREASE OVER 1986," HE SAID.
"RAILWAY FACILITIES HAVE BEEN UPGRADED AND TRAIN CAPACITY INCREASED PROGRESSIVELY TO CATER FOR THE NEEDS OF THE GROWING NUMBER
OF PASSENGERS.'
TURNING TO FREIGHT TRAFFIC, MR JACOBS SAID IT CONTINUED TO GROW IN THE YEAR.
SIGNIFICANT
"WHILE OUTGOING FREIGHT TO CHINA REGISTERED A GROWTH OF 24 PER CENT ΤΟ 1.1 MILLION TONNES, IMPORTS FROM CHINA RECORDED A MODEST GAIN OF FIVE PER CENT TO 3.48 MILLION TONNES, HE SAID.
"
"IN ORDER TO COPE WITH THE ANTICIPATED SUBSTANTIAL GROWTH IN FREIGHT TRAFFIC IN THE COMING YEARS, THE CORPORATION IS ACTIVELY DISCUSSING WITH GOVERNMENT THE DEVELOPMENT OF A NEW FREIGHT TERMINAL.
"MEANWHILE, THE CORPORATION IS LOOKING INTO WAYS ΤΟ PROVIDE ADDITIONAL TEMPORARY FREIGHT HANDLING FACILITIES.
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/MR JACOBS