WEDNESDAY, MAY 7, 1986
13
40 PER CENT BOOST FOR KCR CAPACITY
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THE CARRYING CAPACITY OF THE KOWLOON-CANTON RAILWAY WILL BE INCREASED BY 40 PER CENT WHEN 25 ADDITIONAL SETS OF ELECTRIC MULTIPLE UNITS COME INTO OPERATION IN 1987-1988, THE FINANCIAL SECRETARY, THE HON SIR JOHN BREMRIDGE, SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
THE ADDITIONAL ROLLING STOCK WAS REQUIRED TO MEET A RAPID INCREASE IN PASSENGER DEMAND, SIR JOHN SAID IN TABLING THE KOWLOON-CANTON RAILWAY CORPORATION'S ANNUAL REPORT FOR 1985.
NET PROFIT FOR THE YEAR WAS $55 MILLION COMPARED WITH A NET LOSS OF $65 MILLION THE PREVIOUS YEAR, THE REPORT SHOWED.
SIR JOHN NOTED THAT 1985 WAS A YEAR OF SIGNIFICANT GROWTH AND ACHIEVEMENT FOR THE CORPORATION:
TOTAL DOMESTIC PASSENGER TRAFFIC HAD INCREASED BY 30 PER CENT OVER 1984 TO REACH A RECORD OF 101.8 MILLION PASSENGER TRIPS.
CROSS BORDER TRAVEL THROUGH LO WU INCREASED BY 36 PER CENT TO 18 MILLION PASSENGER MOVEMENTS.
FREIGHT CARRIED TO AND FROM CHINA IN TERMS OF WE IGHT INCREASED BY 114 PER CENT AND TWO PER CENT RESPECTIVELY.
*DESPITE THE SUBSTANTIAL INCREASE IN PASSENGER AND FREIGHT TRAFFIC, THE PUNCTUALITY OF TRAINS WAS MAINTAINED AT A HIGH LEVEL, WITH 95 PER CENT OF ALL PASSENGER TRAINS ARRIVING AT THE IR DESTINATION ON TIME, HE SAID.
SIR JOHN SAID THE CORPORATION HAD ALSO TAKEN SEVERAL STEPS TO FURTHER DEVELOP RAILWAY FACILITIES.
+THE CONTRACT FOR PHASE ONE OF THE LIGHT RAIL TRANSIT PROJECT WAS AWARDED IN AUGUST 1985. CONSULTANTS HAVE BEEN ENGAGED TO STUDY THE FEASIBILITY OF DEVELOPING TERMINAL FACILITIES ON THE HUNG HOM BAY RECLAMATION AND EXTENDING THE LRT TO THE URBAN AREA AND OTHER PARTS OF THE NEW TERRITORIES, HE SAID.
REFERRING TO THE ACCOUNTS, SIR JOHN SAID: THE OPERATING PROFIT BEFORE DEPRECIATION AND INTEREST CHARGES WAS $237 MILLION, A REMARKABLE INCREASE OF 60 PER CENT OVER 1984.
+AFTER DEPRECIATION AND INTEREST CHARGES, THE NET PROF IT WAS $55 MILLION, A SIGNIFICANT IMPROVEMENT OVER THE NET LOSS OF $65 MILLION RECORDED IN THE PREVIOUS YEAR.+
TOTAL REVENUE AMOUNTED TO $604 MILLION AND TOTAL LIABILITIES AT YEAR-END WERE $233.4 MILLION.
/THE DEBT
+
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