WEDNESDAY, APRIL 24, 1991
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IN THANKING THEM FOR THEIR REPORT, SHE SAID A SYNOPSIS OF THE RELEVANT RECOMMENDATIONS OF THE SUB-COMMITTEE HAD BEEN INCORPORATED INTO A SEPARATE DOCUMENT FOR CONSULTATION,
THAT "FOR
NOTING THAT THE WORLD HEALTH ORGANIZATION HAD BEEN ADVOCATING THAT PRIMARY HEALTH CARE WAS THE KEY TO HEALTH DEVELOPMENT AND ITS TARGET WAS "HEALTH FOR ALL BY THE YEAR 2000", MRS WONG SAID: US, THE WAY AHEAD IS TO ACHIEVE HEALTH FOR ALL.
MTRO ANNUAL REPORT 1990 TABLED
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THE ACTING FINANCIAL SECRETARY, THE HON HAMISH MACLEOD, SAID HE WAS ENCOURAGED BY THE MASS TRANSIT RAILWAY CORPORATION'S (MTRC) COMMITMENT TO FURTHER ENHANCING THE SAFETY, RELIABILITY AND EFFICIENCY OF ITS SERVICES.
SPEAKING ON THE MTRC ANNUAL REPORT 1990 WHICH WAS TABLED AT THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY), MR MACLEOD SAID THE CORPORATION HAD MADE LONG TERM PLANS TO UPGRADE THE RUNNING OF THE RAILWAY AND TO INVEST FURTHER IN ASSETS TO INCREASE COST-EFFICIENCY AND CUSTOMER
SATISFACTION.
HE NOTED THAT THE CORPORATION'S CONSISTENT WITH THE FORECASTS UNDERLYING STRATEGY.
RESULTS IN 1990 WERE ITS LONG TERM FINANCIAL
LAST YEAR, THE MTRC CARRIED SOME 719 MILLION PASSENGERS, AN INCREASE OF 4.6 PER CENT OVER 1989, AND ITS FARE REVENUE GREW BY 15 PER CENT TO $2.7 BILLION.
TOGETHER WITH RECURRENT REVENUE FROM OTHER SOURCES SUCH AS ESTATE MANAGEMENT, SHOP RENTALS AND ADVERTISING, TOTAL REVENUE FOR 1990 WAS $3.2 BILLION, 15.7 PER CENT HIGHER THAN THAT IN 1989, MR MACLEOD SAID.
ITS TOTAL OPERATING COSTS WERE UP BY 20 PER CENT, MAINLY DUE TO RISING WAGES AND INCREASES IN RAILWAY MAINTENANCE COSTS, THE ACTING FINANCIAL SECRETARY SAID, ADDING THAT THE CORPORATION EARNED A PROFIT OF $1.27 BILLION BEFORE INTEREST CHARGES, REPRESENTING AN INCREASE OF 21 PER CENT OVER THAT IN 1989.
"
HOWEVER, INTEREST CHARGES IN 1990 AMOUNTED TO $1.58 BILLION, RESULTING IN A LOSS OF $312 MILLION.
"WITH NON-RECURRENT PROFITS FROM PROPERTY DEVELOPMENTS AT $204. MILLION, THE CORPORATION INCURRED A NET LOSS OF $108 MILLION IN 1990. COMPARED WITH A PROFIT OF $56 MILLION IN 1989, HE SAID.
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MR MACLEOD POINTED OUT THAT THE CORPORATION'S LOANS AND FINANCE LIABILITIES AT THE END OF 1990 STOOD AT $18.5 BILLION AND THE YBAR-END DEBT TO EQUITY RATIO WAS 2.8 TO 1, COMPARED WITH 2.9 TO 1 1989.
IN
/HE SAID