1994 — Page 20

Financial Review

ANALYSIS OF RESULTS AND FINANCIAL POSITION

REVENUE AND OPERATING COSTS

In the year under review, revenue and operating costs increased by 16.8 percent and 15.5 percent respectively as compared with the previous year. The increase in revenue was mainly due to the fare increase which came into effect on 1 April 1994,

favourable weather conditions and an increase in

ridership as a result of the improvement in the quality

and quantity of the services provided. The increase in operating costs was largely due to the increase in salaries and wages which account for over 60 percent of the Company's operating costs.

The Company had 11,433 employees at the end of the

year. Pay increase of 9.8 percent were granted to all daily-rated employees with effect from 1 June 1994 and to all monthly-rated employees with effect from 1 September 1994. The operation of more buses and

more routes, as well as the higher cost of new buses and spare parts, also contributed to the increase in

operating costs.

PASSENGERS AND KILOMETRES TRAVELLED

In 1994, a total of 977 million passengers (1993 - 966 million) rode on the Company's buses, giving a daily average of 2.68 million passengers (1993 - 2.65 million). This represents an increase of 1.1 percent in the number of passengers as compared with the

previous year. The actual distance travelled by the Company's buses totalled 255 million kilometres

(1993 - 243 million kilometres). The increase in distance travelled is primarily due to the introduction of additional routes as well as improved frequencies on certain routes.

1994

1993

1992

1991

1990

500

Turnover

Turnover

3,500

2.998

2,775

2.579

2,184

1,000 1,500 2,000 2,500 3,000 3,500 HK$'million

Profit attributable to shareholders, dividends and special cash bonuses

Total

HK$'m

406

1711

2,117

1994

323

1.538

1,861

1993

352, "

352

275

ព

275

1992

[3301

330

258 F

258

1991

298

234

267

210

1990

را

2101

T

200

I 400

J

Bus operating profit

Dividend

1,800 2,000 2,200

HK$'million

Exceptional item

Special cash bonuses

Earnings per share, dividends and special cash bonuses per share

ཐྩོ॰ 8¥ ཆེ8 ⌘ ཥཿ 8

Total

ધ

101.

423

524

1994

80

381

461

877

1993

87

68 ▼

68

1992

821

82

64

64

1991

74

58

58

1990

52

52

1

50

100 150 450

1

1994

1993

Earnings per share attributable to bus operating profit

Dividend per share

500 550

Cents

Earnings per share attributable to exceptional item

Special cash bonuses

per share

Shareholders' funds

1.393

1.137

1992

1.060

1991

988

1990

923

TSSENSETIAAL Jobota Sa sand

0

350

700

1,050

1,400

HK$'million

18

Shareholders' funds

The Kowloon Motor Bus Company (1933) Limited

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