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We are very pleased that following the signing of the Agreed Minute on the financing for the Airport and the Airport Railway, Finance Committee's approval was obtained last November for a total equity of $23.7 billion to be committed for the Airport Railway project. This has since enabled the Corporation to make significant progress in letting some of the major contracts, whilst discussion on the Financial Support Agreement continues. It is encouraging to note that the Corporation expects to complete the project within budget.
The Corporation is committed to providing a safe, reliable and efficient service and has plans to spend $8 billion on major improvement projects by the year 2000. In an effort to achieve greater transparency and accountability, it has published two booklets to provide Members with more financial and operational information. Performance pledges have once again been set and the results made public.
I would like to pay tribute to Mr Hamish Mathers, who has retired last month, and thank the Board, the management and the staff of the MTRC for another fruitful year and wish the new Chairman and the Corporation continuing success.
End/Wednesday, April 26, 1995
KCRC annual report
Following is the speech by the Financial Secretary, the Hon Sir Hamish Macleod, on the Kowloon-Canton Railway Corporation Annual Report 1994 in the Legislative Council today (Wednesday):
Mr President,
In accordance with section 14(5) of the Kowloon-Canton Railway Corporation Ordinance, I table the annual report and accounts of the Corporation for the year ending 31 December 1994.
The Corporation maintained a strong financial position in 1994. Operating revenue stood at $2,668 million, an increase of 10% over 1993. Including the income from property development, net profit for the year was $1,124 million. No dividend was paid to the Government this year after fully taking into account the Corporation's cash flow requirements and investment needs, particularly arising from the invitation to the Corporation to submit proposals to construct the Western Corridor project announced in the Railway Development Strategy.