33
WEDNESDAY, MAY 10, 1989
KCRC CONDUCTING STUDY TO IMPROVE LRT VIABILITY
* * * * *
NOW CONDUCTING A VIABILITY OF THE FINANCIAL SECRETARY, THE HON PIERS
CORPORATION IS THE KOWLOON-CANTON RAILWAY FULL-SCALE STUDY TO IDENTIFY WAYS OF IMPROVING THE LIGHT RAIL TRANSIT SYSTEM, THE JACOBS, SAID TODAY (WEDNESDAY).
CORPORATION FOR COUNCIL. MR LIGHT RAIL
TABLING THE ANNUAL REPORT AND ACCOUNTS OF THE THE YEAR ENDING DECEMBER 31, 1988 IN THE LEGISLATIVE JACOBS SAID IN THE FIRST FOUR MONTHS OF OPERATION, THE TRANSIT SYSTEM SUFFERED AN OPERATING LOSS OF $32 MILLION.
SAID HE WAS CONFIDENT DESPITE TEETHING PROBLEMS, MR JACOBS
ITSELF ESTABLISH
AS AN ESSENTIAL THAT THE LRT SYSTEM WOULD SOON SERVICE TO THE PEOPLE IN THE NORTH WESTERN NEW TERRITORIES.
COMPLETED ON TIME. 1988 AND CARRIED OVER 180.000
HE NOTED THAT PHASE ONE OF THE SYSTEM WAS IT BEGAN OPERATION ON SEPTEMBER 18. PASSENGERS PER DAY BY THE END OF THE YEAR.
THE
FINANCIAL
IN
SECRETARY 1988 WITH
SAID A TOTAL
THE CORPORATION
OF REVENUE
ENJOYED
A
$1.4 BILLION,
SUCCESSFUL YEAR REPRESENTING A 49 PER CENT INCREASE OVER 1987.
OF
RAIL TERMINUS
PROFITS ROSE TO $563 MILLION IN 1988, NET PROFIT, EXCLUSIVE $239 MILLION FROM PROPERTY DEVELOPMENT ABOVE THE LIGHT AT TUEN MUN PIER HEAD, ROSE BY SOME 17 PER CENT TO $324 MILLION.
RETURNS TO
DEVELOPMENT,
THE
ADDITION IN
PROPERTY FROM
COMMERCIAL ACTIVITIES, CORPORATION HAD MADE SIGNIFICANT GAINS IN ITS WITH A REVENUE OF WELL OVER $ 106 MILLION, MR JACOBS SAID.
BILLION,
DURING THE YEAR, TOTAL NET ASSETS INCREASED FROM TO NEARLY $4 BILLION.
WHILE
BORROWING
WAS
CONTAINED
$3.2 BILLION UNDER $1.5
"THESE ENCOURAGING RETURNS
RESERVE
CORPORATION TO
WHICH FROM
FUTURE BE PARTLY FUNDED,
*
HAVE ENABLED THE $270 OF
MILLION, CREATE A DEVELOPMENT
MAY INFRASTRUCTURAL IMPROVEMENTS AND EXPANSIONS THE FINANCIAL SECRETARY SAID.
HAD GROWN FROM A THE HEAVY RAIL DIVISION OF THE CORPORATION
A PASSENGERS
DAY BEFORE SMALL RAILWAY TRANSPORTING 40,000
DAY, ELECTRIFICATION TO A MASS CARRIER OF NEARLY 500,000 PASSENGERS A HE NOTED.
GROWTH OF 14 PER CENT WAS ACHIEVED MILLION JOURNEYS WERE UNDERTAKEN.
DURING THE YEAR AND 153
TRIPS ON CROSS-BORDER TRAVEL AT LO WU ALSO INCREASED BY 16 CENT TO 27 MILLION, MR JACOBS SAID.
PER
MR JACOBS