First Bus and Citybus announce salary freezeLocal | 12 May 2021 8:38 pm
New World First Bus and Citybus today announced freezing salaries for a year, saying it lost HK$221 million within three months.
The company explained that Covid-19 had led to a landslide drop of ridership and seriously hit the business, following the 2020 trading results announced earlier.
The company added that they still suffered from heavy financial loss after adopting a series of cost control measures and receiving subsidies from the government, including a HK$221 million loss within three months from December 2020 to February 2021.
They added that fare revenue from the airport and cross-border routes is the major source of their revenues and profit, yet the ridership of these series of routes have stayed at an extremely low level since the outbreak of the pandemic. Financial problems continued even after the recent fare increase, they said.
They said they have met with representatives of the joint Consultative Committee unions and thoroughly explained to them all their current financial position and challenges.
The bus service provider hoped staff could understand its difficulties and work together to secure the future of the business.