16
WEDNESDAY, MAY 22, 1991
FIRST TIME FOR KOR TO DISTRIBUTE DIVIDEND
* * * * *
AFTER TIME
EIGHT YEARS
OF EXISTENCE
AS A
FIRST FOR THE STATUTORY CORPORATION, THE KOWLOON-CANTON RAILWAY CORPORATION HAS BBEN ABLE TO DISTRIBUTE A DIVIDEND PAYMENT OF SOME 20 PER CENT OF ITS PROFITS, ΤΟ THE GOVERNMENT COMMUNITY.
$125 MILLION, OR AND THUS ΤΟ THE
THIS WAS STATED BY THE FINANCIAL SECRETARY, THE HON SIR PIERS THE JACOBS, IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY) WHEN TABLING ANNUAL REPORT AND ACCOUNTS OF THE KOWLOON-CANTON RAILWAY CORPORATION FOR THE YEAR ENDING DECEMBER 31, 1990.
FUTURE DIVIDEND PAYMENTS WOULD BE SUBJECT ΤΟ FURTHER REVIEWS BETWEEN THE GOVERNMENT AND THE CORPORATION.
THE
'THE DISTRIBUTION OF DIVIDENDS REFLECTS NOT ONLY THE RETURN
THE SUBSTANTIAL TAXPAYERS ON
PUBLIC
IN INVESTMENT
OPERATE CORPORATION BUT ALSO THE CAPABILITY OF THE CORPORATION TO A PRUDENT COMMERCIAL BASIS, HE SAID.
ΤΟ
THE
ON
SIR PIERS NOTED THAT THE CORPORATION CONTINUED ΤΟ MAINTAIN A STRONG FINANCIAL POSITION LAST YEAR.
REPRESENTING
A 17 YEAR, INCLUSIVE OF 50 PER CENT TO
OPERATING REVENUE STOOD AT $1,591 MILLION,
THE PER CENT INCREASE OVER 1989. NET PROFIT FOR INCOME FROM PROPERTY DEVELOPMENT, ROSE BY MORE THAN $624 MILLION.
TO $1,392 WHICH LED
OPERATING COSTS, HOWEVER, INCREASED BY 30 PER CENT MILLION, LARGELY AS A RESULT OF TRAIN SERVICE IMPROVEMENTS TO INCREASES IN STAFF, ENERGY CONSUMPTION AND MAINTENANCE COSTS.
BILLION AT TOTAL ASSETS STOOD AT $5
THE END OF THE YEAR.
WITH A BORROWING WAS REDUCED BY 37 PER CENT TO LESS THAN $1 BILLION, DEBT-TO-EQUITY RATIO OF 1 TO 3.9.
THE REPORT ALSO STATED THAT THE CORPORATION HAD TRANSFERRED
THE PURPOSE $320 MILLION TO A DEVELOPMENT RESERVE FOR
OF UPGRADING EXISTING FACILITIES AND MEETING NEW INFRASTRUCTURE REQUIREMENTS NECESSITATED BY GROWTH IN SERVICE DEMAND.
SIR PIERS POINTED OUT THAT THE HEAVY RAIL CARRIED OVER 179 FOUR PER CENT OVER MILLION PASSENGERS, REPRESENTING AN INCREASE OF 1989.
14
PER
*AVERAGE DAILY PATRONAGE FOR THE YEAR EXCEEDED 491,000. INTERNATIONAL PASSENGERS PASSING THROUGH LO WỤ INCREASED BY EIGHT CENT TO 28 MILLION,' HE SAID.
"
MAJOR EFFORTS HAD BEEN MADE DURING THE YEAR ΤΟ IMPROVE TRAIN SERVICES, SIR PIERS NOTED.
/"NEW TRAIN