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THE KOWLOON MOTOR BUS HOLDINGS LIMITED
(incorporated in Bermuda with limited liability)

INTERIM REPORT 2000

UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 30 JUNE 2000
                                                Six months ended 30 June 
                                   Note              2000          1999
                                              HK$'million   HK$'million

Turnover                             1            3,051.6       2,871.1 
Other revenue                        2               80.7          59.7
Other net income                                      2.9           2.8 
Staff costs                                      (1,543.4)     (1,582.8)
Depreciation                                       (264.7)       (243.7) 
Spare parts and fuel                               (385.9)       (294.9) 
Other operating expenses                           (420.5)       (378.5) 
                                             ------------  ------------
Profit from operations                              520.7         433.7 
Finance cost                                        (88.2)        (67.2) 

Share of profit of associate                            -             - 
Share of profit/(loss) of jointly 
   controlled entity                                  0.1          (0.1) 
                                             ------------  ------------
Profit from ordinary activities 
   before taxation                                  432.6         366.4 
Taxation                             3              (69.0)        (65.4) 
                                             ------------  ------------
Profit from ordinary activities 
   after taxation                                   363.6         301.0 
Minority interests                                   (0.1)         (0.1) 
                                             ------------  ------------
Profit attributable to shareholders                 363.5         300.9 
                                             ============  ============
Earnings per share                   4         90.1 cents    74.6 cents
                                             ============  ============

Notes:

1. Turnover comprises fare revenue and advertising income from the operation of franchised and non-franchised bus services.

2. Other revenue mainly comprises interest income earned during the period.

3. Hong Kong Profits Tax has been provided at the rate of 16% (1999: 16%) on the estimated assessable profits for the period.

4. The calculation of earnings per share is based on the profit attributable to shareholders of HK$363,500,000 (1999: HK$300,900,000) and 403,639,413 shares in issue during the period (1999: 403,639,413 shares).

RESULTS

The Group's unaudited profit attributable to shareholders for the six months ended 30 June 2000 was HK$363.5 million (1999: HK$300.9 million). Earnings per share for the period amounted to 90.1 cents (1999: 74.6 cents). These represent an increase of 20.8% over the same period of 1999. The Group's results were mainly derived from the operation of franchised bus services.

INTERIM DIVIDEND

The Board has declared an interim dividend of 33 cents per share (1999: 28 cents per share), totalling HK$133 million (1999: HK$113 million), for the year ending 31 December 2000. This interim dividend will be paid on 10 October 2000 to the shareholders who are on the Register of Members at the close of business on 5 October 2000. The Register will be closed from 3 October 2000 to 5 October 2000, both dates inclusive. To qualify for the interim dividend, all transfer forms accompanied by the relevant share certificates must be lodged with the Company's Hong Kong share registrars, Central Registration Hong Kong Limited, at 17th Floor, Hopewell Centre, 183 Queen's Road East, Hong Kong, not later than 4:00 p.m. on 29 September 2000.

FRANCHISED PUBLIC BUS OPERATIONS

The Kowloon Motor Bus Company (1933) Limited ("KMB")

Long Win Bus Company Limited ("LWB")

NON-FRANCHISED TRANSPORT OPERATIONS

Local Coach and Shuttle Bus Services

Sun Bus Holdings Limited ("SBH")

Cross-Boundary Shuttle Bus Service

New Hong Kong Bus Company Limited ("NHKB")

PRC Operations

Dalian HK Macau Motor Bus Services Limited

PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S SHARES

During the period, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's own shares.

COMPLIANCE WITH THE CODE OF BEST PRACTICE

The Company has complied throughout the period with the Code of Best Practice as set out by The Stock Exchange of Hong Kong Limited in Appendix 14 to the Listing Rules, except that the independent Non-executive Directors of the Company are not appointed for a specific term but are subject to retirement by rotation and re-election at the Annual General Meeting in accordance with the Bye-Laws of the Company.

PROSPECTS

Although the local economy is picking up, KMB has decided to continue freezing its bus fares in 2000. With the understanding of its employees, the Group will continue to maintain their salaries and wages at the present level for a further year. In parallel with the continuous recovery of the local economy and improvement in the tourist industry, we are confident that there will be steady growth in our patronage. We will strive to further improve operational efficiency in our existing service networks and explore new business opportunities both locally and in China mainland. We strongly believe that our firm commitment and dedication to the transport industry will enable us to maintain the growth momentum for our business.



S.Y. Chung
Chairman

Hong Kong, 15 September 2000


Source: The Kowloon Motor Bus Holdings Limited
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