THE Kowloon-Canton Railway Corp has outlined a $5.3 billion five-year investment programme while announcing 17 per cent higher net profits of $526 million for last year. Chairman Kevin Hyde said yesterday the main components of the programme were the redevelopment of the Ho Tung Lau workshops, installation of better signalling and safety equipment, and buying of 30 vehicles for the Light Rail Transit (LRT) system. ''In a number of ways, KCRC has grown much faster over the past decade than originally planned,'' said Mr Hyde. ''Service enhancement plans have to be accelerated to match growing passenger needs.'' The company statement did not mention how the upgrades would be funded. Revenue from operations rose 16.3 per cent to $2.15 billion. Mr Hyde described the year as ''bustling'', with 198 million passengers being carried, up five per cent over 1991. Lowu traffic had the highest increase, with 35 million passengers, a 13 per cent increase. LRT passenger traffic grew 10 per cent to 106 million and through train traffic to Guangzhou rose eight per cent to 2.7 million. Profit before property development and associated companies rose 20 per cent to $485 million. Property development profits before tax fell from $34 million to $28 million. Average net fixed assets rose $349 million to $5.63 billion, giving a return on net fixed assets of nine per cent.