XN000022-1989-05-10 — Page 35

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WEDNESDAY, MAY 10, 1989

KCRC CONDUCTING STUDY TO IMPROVE LRT VIABILITY

* * * * *

NOW CONDUCTING A VIABILITY OF THE FINANCIAL SECRETARY, THE HON PIERS

CORPORATION IS THE KOWLOON-CANTON RAILWAY FULL-SCALE STUDY TO IDENTIFY WAYS OF IMPROVING THE LIGHT RAIL TRANSIT SYSTEM, THE JACOBS, SAID TODAY (WEDNESDAY).

CORPORATION FOR COUNCIL. MR LIGHT RAIL

TABLING THE ANNUAL REPORT AND ACCOUNTS OF THE THE YEAR ENDING DECEMBER 31, 1988 IN THE LEGISLATIVE JACOBS SAID IN THE FIRST FOUR MONTHS OF OPERATION, THE TRANSIT SYSTEM SUFFERED AN OPERATING LOSS OF $32 MILLION.

SAID HE WAS CONFIDENT DESPITE TEETHING PROBLEMS, MR JACOBS

ITSELF ESTABLISH

AS AN ESSENTIAL THAT THE LRT SYSTEM WOULD SOON SERVICE TO THE PEOPLE IN THE NORTH WESTERN NEW TERRITORIES.

COMPLETED ON TIME. 1988 AND CARRIED OVER 180.000

HE NOTED THAT PHASE ONE OF THE SYSTEM WAS IT BEGAN OPERATION ON SEPTEMBER 18. PASSENGERS PER DAY BY THE END OF THE YEAR.

THE

FINANCIAL

IN

SECRETARY 1988 WITH

SAID A TOTAL

THE CORPORATION

OF REVENUE

ENJOYED

A

$1.4 BILLION,

SUCCESSFUL YEAR REPRESENTING A 49 PER CENT INCREASE OVER 1987.

OF

RAIL TERMINUS

PROFITS ROSE TO $563 MILLION IN 1988, NET PROFIT, EXCLUSIVE $239 MILLION FROM PROPERTY DEVELOPMENT ABOVE THE LIGHT AT TUEN MUN PIER HEAD, ROSE BY SOME 17 PER CENT TO $324 MILLION.

RETURNS TO

DEVELOPMENT,

THE

ADDITION IN

PROPERTY FROM

COMMERCIAL ACTIVITIES, CORPORATION HAD MADE SIGNIFICANT GAINS IN ITS WITH A REVENUE OF WELL OVER $ 106 MILLION, MR JACOBS SAID.

BILLION,

DURING THE YEAR, TOTAL NET ASSETS INCREASED FROM TO NEARLY $4 BILLION.

WHILE

BORROWING

WAS

CONTAINED

$3.2 BILLION UNDER $1.5

"THESE ENCOURAGING RETURNS

RESERVE

CORPORATION TO

WHICH FROM

FUTURE BE PARTLY FUNDED,

*

HAVE ENABLED THE $270 OF

MILLION, CREATE A DEVELOPMENT

MAY INFRASTRUCTURAL IMPROVEMENTS AND EXPANSIONS THE FINANCIAL SECRETARY SAID.

HAD GROWN FROM A THE HEAVY RAIL DIVISION OF THE CORPORATION

A PASSENGERS

DAY BEFORE SMALL RAILWAY TRANSPORTING 40,000

DAY, ELECTRIFICATION TO A MASS CARRIER OF NEARLY 500,000 PASSENGERS A HE NOTED.

GROWTH OF 14 PER CENT WAS ACHIEVED MILLION JOURNEYS WERE UNDERTAKEN.

DURING THE YEAR AND 153

TRIPS ON CROSS-BORDER TRAVEL AT LO WU ALSO INCREASED BY 16 CENT TO 27 MILLION, MR JACOBS SAID.

PER

MR JACOBS