HK records 19.9 bln HKD deficit in April-June

Hong Kong recorded a deficit of 19.9 billion HK dollars (about 2.57 billion U.S. dollars) from April to June 2014, the Hong Kong government announced Thursday.

The government made public its financial results for the three months ended June 30, 2014. The expenditure for the period April to June 2014 amounted to 87.1 billion HK dollars and revenue 67.2 billion HK dollars, resulting in a deficit of 19.9 billion HK dollars.

A government spokesperson said that the deficit for the period was mainly because some major types of revenue, including salaries and profits taxes, were mostly received towards the end of a financial year.

The fiscal reserves stood at 735.8 billion HK dollars as of June 30, 2014.(1 U.S. dollar = 7.75 HK dollars)