Canada: Canadian Pacific Railway reported record earnings in 1999 for the fourth year running. Excluding special items, operating income was up C$42m to C$763m and tonne-km rose 4%.
China: Hong Kong MTR has accepted the bid of Sun Hung Kai Properties for the Airport Railway Kowloon station Package 3, the last residential portion of the Kowloon development. Plans call for construction of 1020 apartments and 684 parking spaces.
Europe: Eurotunnel reported net profit of £202m for 1999, after payment of interest, on account of exceptional profits from financial operations. Despite a 27% drop in retail and other income due to the ending of duty-free sales, operating revenue was 3% higher thanks to a 31% jump in shuttle revenue. This was due entirely to the 19% increase in lorries carried, as the number of cars and coaches declined (RG 3.00 p140). Executive Chairman Patrick Ponsolle said ’full coverage of interest charges by cash flow after capital expenditure’ was a realistic target for 2002.
Romania: The Ministry of Transport is seeking European Union funding worth 212m euros to meet 75% of the cost of upgrading the 42 km Bucuresti Baneasa - Fundulea portion of the Bucuresti - Constanta main line.
