TNAG-1617-FCO40-2225-Executive-Council-of-Hong-Kong-memoranda-and-minutes-of-meet-1987 — Page 42

XCCI (87) 17

Year-End

Average

Weekday Fare

Page

2

Year-End

Including

Weekday

Government

Annual

Year

Patronage

Reimbursement

Patronage

Annual Fare Revenue

1982

1.18m

$2.24

351m

$

764m

1983

1.20m

$2.40

412m

$ 960m

1984

1.15m

$2.78

411m

$1,064m

1985

1.41m

$2.90

463m

$1,300m

1986

1.58m

$3.06

532m

$1,582m

5

very

The MTRC considers its performance for 1986 was satisfactory. The budgetted annual passenger volume and fare revenue were both achieved. Because of success in containing operating costs and lower-than-expected interest rates, the loss for 1986 after interest and

interest and finance charges but before extraordinary items was $936m as compared to the loss anticipated in the Corporation's budget of $1,279m. The loss before property development profits and other non-recurring items for each year since the railway first opened is given below.

Loss After Interest and Finance Charges

Year

1980

$ 696m

1981

$ 532m

1982

$ 387m

1983

$ 535m

1984

$ 545m

1985

$ 788m

1986

$ 936m

Total

$4,419m

After taking account of accumulated property development profits of $1,753m minus cumulative losses, and provisions for unrealised losses, on foreign currency loans totalling $967m, total losses carried forward at 31 December 1986 were $3,633m.