XN000022-1987-05-06 — Page 32

WEDNESDAY, MAY 6, 1987

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KCRC REPORTS $117 MILLION PROFIT

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NET PROFIT OF THE KOWLOON-CANTON RAILWAY CORPORATION FOR THE YEAR WAS $117 MILLION, REPRESENTING A 113 PER CENT INCREASE TO 1985, THE ACTING FINANCIAL SECRETARY, THE HON JOHN YAXLEY, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

THE $1 BILLION DEBT DUE TO THE GOVERNMENT AT THE ESTABLISHMENT OF THE CORPORATION WAS COMPLETELY REPAID FOLLOWING THE REPAYMENT OF THE REMAINING $500 MILLION IN 1986, MR YAXLEY SAID IN TABLING THE KOWLOON-CANTON RAILWAY CORPORATION'S ANNUAL REPORT FOR 1986.

TOTAL REVENUE AMOUNTED TO $734 MILLION AND TOTAL CURRENT AND NON-CURRENT LIABILITIES WERE $535.8 MILLION AND $155.2 MILLION RESPECTIVELY.

MR YAXLEY NOTED THAT THE CORPORATION HAD ACHIEVED SIGNIFICANT GROWTH IN ALL AREAS OF ACTIVITY DURING LAST YEAR.

TOTAL DOMESTIC PASSENGER TRAFFIC GREW BY 12.2 PER CENT TO 114.2 MILLION PASSENGER TRIPS.

CROSS-BORDER TRAVEL THROUGH LO WU REACHED 19 MILLION PASSENGER MOVEMENTS, WHICH REPRESENTED 82 PER CENT OF ALL CROSS-BORDER TRAVEL FOR THE YEAR.

FREIGHT CARRIED TO AND FROM CHINA CONTINUED TO GROW BY 51 PER CENT AND 31 PER CENT RESPECTIVELY.

+TO MEET THE GROWING DEMANDS AND CHANGING NEEDS OF THE TRAVELLING PUBLIC, THE CORPORATION HAS ORDERED 25 SETS OF NEW ELECTRIC MULTIPLE UNITS, WITH THE FIRST SET EXPECTED TO BE READY FOR SERVICE IN AUGUST THIS YEAR, MR YAXLEY SAID.

+THESE EXTRA UNITS, TOGETHER WITH THE MODIFICATION OF THE CURRENT FLEET OF 60 SETŠ, WİLL INCREASE THE PASSENGER-CARRYING CAPACITY OF THE RAILWAY BY ABOUT 75 PER CENT.+

REFERRING TO THE CORPORATION'S FURTHER DEVELOPMENT OF ITS RAILWAY FACILITIES DURING THE PAST YEAR, MR YAXLEY SAID IT HAD MADE SOUND PROGRESS IN THE CONSTRUCTION OF THE LIGHT RAIL TRANSIT SYSTEM IN THE WESTERN NEW TERRITORIES.

+THE LRT IS NOW TAKING SHAPE IN TUEN MUN AND PREPARATORY WORK IS WELL ADVANCED IN YUEN LONG. PHASE ONE IS SCHEDULED TO BE COMMISSIONED IN AUGUST 1988,+ HE SAID.

THE CORPORATION HAD ALSO COMPLETED STUDIES TO APPRAISE FUTURE ROUTES TO COMPLETE THE SYSTEM IN THE REGION. MR YAXLEY SAID THE POSSIBILITY OF EXTENDING THE LRT TO THE URBAN AREAS AND OTHER PARTS OF THE NEW TERRITORIES WAS CURRENTLY UNDER CONSIDERATION BY THE GOVERNMENT.

/NOTING THAT