Report of the Directors
The directors have pleasure in submitting their annual report together with the audited statement of accounts for the year ended 30th June, 1992.
GROUP'S ACTIVITY
The principal activity of the company and of the group is the operation of franchised public motor buses in Hong Kong. The principal activity of the subsidiary is set out in note 10 on the accounts.
SUBSIDIARY
Particulars of the company's subsidiary at 30th June, 1992 are set out in note 10 on the accounts.
ASSOCIATED COMPANY
Particulars of the group's associated company at 30th June, 1992 are set out in note 11 on the accounts.
ACCOUNTS
The profit of the company and of the group for the year ended 30th June, 1992 and the state of affairs of the company and of the group at that date are set out in the accounts on pages 9 to 23.
A first interim dividend of HK$0.21 per share and a special dividend of HK$3.00 per share were paid on 22nd April, 1992. A second interim dividend of HK$0.28 per share was declared on 8th August, 1992 and paid on 3rd September, 1992. The directors now recommend that a final dividend of HK$0.70 per share be paid in respect of the year ended 30th June, 1992 and that HK$10 million be transferred to general reserve.
CHARITABLE DONATIONS
Donations made by the group during the year amounted to HK$44,280.
FIXED ASSETS
Movements in fixed assets during the year are set out in note 9 on the accounts.
DIRECTORS
The directors during the year are given on page 2.
In accordance with articles 120A and 122 of the company's articles of association, Madam Ngan Kit-ling, Dr. Henry Ngan, Messrs. M.T. Geoffrey Yeh, Liu Lit-mo and D.A. L. Wright retire from the board and, being eligible, offer themselves for re-election.
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