Notes on the Scheme of Control Statement
1. The financial operations of the Company are governed by a Profit Control
Scheme, the main features of which are as follows:
a. The annual Permitted Return of the Company is calculated at 16% of the average
b.
C.
net fixed assets, including spare parts and stores used for bus operations.
Any difference between the annual Permitted Return, and the adjusted profit after taxation is to be transferred to or from a Development Fund.
The following are to be deducted from the Permitted Return :
(i) a charge of 8% p.a. on the average balance of the Development Fund which
is to be added to the Development Fund, and
(ii) interest up to a maximum of 8% p.a. on borrowed capital.
d. The operation of the Scheme commenced on 1 September 1975, and is subject to
review by the Government every two years.
Profit and Loss Account
2.
for the year ended 31 December 1994
1994
1993
HK$'m
HK$'m
Turnover
Fare receipts
3,462.1
2,964.5
Other operating income
38.0
33.7
3,500.1
2,998.2
Other income
84.1
74.7
3,584.2
3,072.9
Operating Costs
Staff costs
1,920.7
1.646.6
Fuel and oil
163.7
179.7
Repairs and maintenance
526.5
425.0
Depreciation
222.6
196.3
Interest expenses
28.4
33.7
Other expenses
231.8
207.1
3,093.7
2,688.4
Operating profit
490.5
384.5
Exceptional item
1,710.8
Profit before taxation
2,201.3
384.5
Taxation
84.5
62.6
Profit after taxation
2,116.8
321.9
The Kowloon Motor Bus Company (1933) Limited
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