2.
2.
3.
Any difference between the annual permitted return and the adjusted profit after taxation is to be transferred to or from a development fund.
The followings are to be deducted from the permitted return:-
(i)
a charge of 8% per annum 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% per annum on borrowed capital.
4.
The operation of the scheme commenced on 1st September, 1975 and is subject to review by Government every two years.
Turnover
Turnover comprises fares and other income from the operation of franchised public buses by the company.
3.
Profit before Taxation
Profit before taxation is arrived at after charging:--
The group
The company
1985
1984
1985
1984
$000's
$000's
$000's
$000's
Interest on loans wholly repayable
within 5 years
3,276
5,148
3.276
5.148
Less: Amount capitalised
318
318
3,276
4.830
3,276
4.830
Auditors' remuneration
current year
296
252
290
245
prior year
21
70
20
70
Depreciation
32,276
32.030
32,179
31.931
Provision for employees' retirement
gratuities
5,575
4.889
5,575
4.889
Provision for insurance
9,008
10.926
9,008
10.926
Provision for major repairs to
motor buses
6,635
5,213
6,635
5.213
and after crediting:-
Income from quoted investments
21
25
Dividend from subsidiary
1,393
1.393
4.
Directors' Remuneration
Directors' remuneration disclosed pursuant to section 161 of the Companies Ordinance is as follows:-
1985
$000's
1984
$000's
Fees
50
50
Bonus at 5% of net profit in accordance with article 155 Other emoluments
3.608
2.520
1.983
1.709
5,641
4.279
URBAN COUNCIL PUBLIC LIBRARIES REFERENCE LIBRARY