REPORT OF THE DIRECTORS
The directors have pleasure in submitting their report and audited accounts for the year ended 31 December 1989 to be presented at the annual general meeting to be held at Central Harbour Services Pier, 1st Floor, Pier Road, Hong Kong on 27 April 1990.
Principal activities
The principal activities of the group are ferry operations and related business, trading and services, property investment and travel business. The turnover and contribution to operating profit of the principal activities of the group are as follows:-
Ferry operations
TURNOVER
OPERATING PROFIT
1989
1988
HK$ million HK$ million
1989
HK$ million
1988
HK$ million
and related business
400.5
394.3
52.8
59.3
Trading and services
203.3
170.3
11.2
12.0
Property investment
58.2
35.7
49.2
30.1
Travel and others
67.5
74.0
2.0
Net interest income
9.0
0.2
729.5
674.3
122.2
103.6
Exceptional item
(37.2)
729.5
674.3
85.0
103.6
No geographical analysis is shown as less than 10% of the group's turnover and profit is derived from activities outside Hong Kong.
Financial results and dividends
The results and dividends of the group for the year ended 31 December 1989 and the state of the company's and of the group's affairs at that date are set out in the accounts on pages 12 to 25.
Donations
The group donated HK$25,000 to the Community Chest of Hong Kong (1988 - HK$110,500) for the year.
Fixed assets
Movements in fixed assets during the year are set out in notes 10 and 11 on the accounts.
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