The Kowloon-Canton Railway Corp (KCRC) has reported a 19.55 per cent drop in after-tax profit for last year to $901 million from $1.12 billion in 1994.
This was despite an 11.65 per cent rise in revenues from operations to $2.97 billion from $2.66 billion for the year to December 31.
KCRC said its 'service improvements are mostly financed from the bottom line, and the cost to implement expansion and better facilities is continually going up'.
'The financial results show that our on-going programme of initiatives to improve service and productivity keeps us in good health. That's very necessary for meeting the needs of today's and tomorrow's passengers and freight customers,' it said.
Profit before tax fell to $928 million from $1.27 billion and retained profit fell to $466 million from $554 million.
The number of passengers using the east rail, light rail, through-train and buses increased to 393.1 million from 374.5 million.
