Annual Report 2022

Transport International Holdings Limited 2022 Annual Report 106 FINANCIAL REVIEW Fare revenue for 2022 was HK$5,774.9 million, a decrease of HK$514.8 million or 8.2% compared with HK$6,289.7 million for 2021. The decrease was mainly due to the outbreak of the fifth wave of COVID-19, which resulted in a significant drop in bus patronage. KMB’s total ridership decreased by 9.6% to 805.4 million passenger trips (a daily average of 2.21 million passenger trips) as compared with 891.3 million passenger trips (a daily average of 2.44 million passenger trips) for 2021. Government subsidies of HK$452.7 million (2021: HK$2.2 million) from various support schemes were recorded in 2022. Total operating expenses for 2022 amounted to HK$6,669.4 million, an increase of HK$59.2 million compared with HK$6,610.2 million for 2021. The increase was mainly attributable to the increase in depreciation and other operating expenses as a result of bus replacement and inflation. Long Win Bus Company Limited (“LWB”) Unit 2022 2021 Revenue HK$ million 323.8 332.2 Other income HK$ million 46.9 53.8 Total operating expenses HK$ million (409.4) (426.4) Loss from operations HK$ million (38.7) (40.4) Finance costs HK$ million (3.6) (1.7) Loss before taxation HK$ million (42.3) (42.1) Income tax credit HK$ million 14.5 7.1 Loss after taxation HK$ million (27.8) (35.0) Net loss margin (8.6)% (10.5)% Passenger volume Million passenger trips 28.6 28.9 Kilometres operated Million km 25.4 26.4 Staff number at year-end Number of staff 723 733 Fleet size at year-end Number of buses 265 256 Total assets HK$ million 668.6 714.6 The loss after taxation of LWB for 2022 was HK$27.8 million, representing a favourable variance of HK$7.2 million compared with the loss after taxation of HK$35.0 million for 2021.