KMB to add staff amid decline

Business | Avery Chen 22 Mar 2019

Transport International (0062), the parent company of Kowloon Motor Bus (KMB), posted a 44.4 percent decline in net profit to HK$720.1 million last year and declared a final dividend of HK$0.90 per share.

Total dividends fell 4 percent to HK$1.20 per share.

Excluding a one-off gain arising from the disposal of a 73 percent equity interest in RoadShow in 2017, its net profit fell by 15.8 percent.

Profit after taxation slumped 28.8 percent to HK$434.3 million mainly due to increases in staff and fuel costs, but it was partly offset by the increase in revenue from patronage growth.

Fare revenue rose 1 percent to HK$6.83 billion as a result of patronage growth from enhanced services on existing routes and an introduction of new services..

In mid-2019, KMB and Long Win Bus will fall in line with practices outlined in the "guidelines on bus captain working hours, rest times and meal breaks" issued by the Transport Department, which anticipates an increase in manpower and additional bus captains.

It has also submitted an application for a fare adjustment to the government to increase its resources in enhancing driving safety, identifying and training talent, and explore business opportunities and the commissioning of new and special routes.

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