TNAG-1729-FCO40-2442-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 189

-SPEECH BY THE HONOURABLE THE FINANCIAL SECRETARY

IN LEGISLATIVE COUNCIL : WEDNESDAY 27 APRIL 1988- Address by Members presenting papers

Mass Transit Railway Corporation Annual Report 1987

FINANCIAL SECRETARY:

Sir,

In accordance with section 16(4) of the Mass

Transit Railway Corporation Ordinance, (Chapter 270), the Annual Report and Accounts of the Mass Transit Railway

Corporation for the period ending 31 December 1987 are

tabled today.

76

operation of

1987 has been the first full year of operating

the completed MTR system. It coincided with strong growth

in Hong Kong's economy. The Corporation shared in this

upsurge of economic activity and carried 593 million

passengers during 1987. This represented an increase of

cent 11.4 over the 532 million carried in 1986.

3.

The Corporation's total revenue from fares rose

cent by 18 to $1,850 million, and additional revenue,

from

activities such as advertising and investment properties,

cent rose by 20 to $202 million. The Corporation's Profit

before Interest and Finance Charges increased by 38 from

$472 million in 1986 to $651 million in 1987. Such

returns demonstrate that the Corporation continues to keep

tight control of its costs.

percent