The Government of the Hong Kong Special Administrative Region Friday announced its financial results for the three months ended June 30, recording a deficit of 24.2 billion HK dollars.
The deficit was resulted as expenditure for the period April to June 2009 amounted to 62.9 billion HK dollars and revenue 38.7 billion HK dollars.
A government spokesman said that the deficit for the period was mainly because some major types of revenue including salaries tax and profits tax were mostly received towards the end of a financial year.
The fiscal reserves stood at 470.2 billion HK dollars as at June 30, 2009.
(One U.S. dollar equals 7.742 HK dollars).