KMB parent Transport International predicts lossBusiness | 19 May 2020 5:30 pm
Transport International (0062), the parent company of Kowloon Motor Bus, warns that it may record a net loss for the first half this year, compared with a HK$302 million net profit a year ago.
The transportation operator said the loss was mainly due to the coronavirus outbreak and the corresponding anti-pandemic measures, including suspension of schools, stringent border controls, and work from home arrangements, which resulted in a significant drop in bus passengers and the drop in revenue from its franchised and non-franchised bus operations.
In addition, the pandemic has also adversely affected the performance of the group's transport operations in mainland China, said the company, while the timing and degree of recovery remain uncertain.
The company stressed that its overall financial position remains healthy.