25 February 2002
KCRC continues fare freeze
The Kowloon-Canton Railway Corporation (KCRC) announced today that the 3.1% increase in fares originally scheduled for 1 April 2002 will be postponed.
The decision was made by the Managing Board after a careful review of the current economic conditions.
Mr Michael Tien, Chairman of the Corporation, said one reason for the decision was that the Corporation did not want to increase the financial burden of its passengers during these difficult times.
"Another reason is that we do not want to risk losing market share because our competitors are not increasing their fares," he said.
To make up for the revenue foregone, the Corporation will cut operating costs and generate new sources of non-fare income.
Mr Tien stressed that this will not result in any layoffs or pay cuts.
"Moreover, the quality and quantity of our services will not be sacrificed," he added.
Meanwhile, KCRC passengers will continue to enjoy the " Ride 10 get 1 free" bonus scheme for East Rail, and the enhanced bonus scheme for Light Rail until 30 June 2002.
The KCRC last adjusted its fares in September 1997.