Annual Report 2022

2022 Annual Report Transport International Holdings Limited 107 LWB’s fare revenue for 2022 was HK$316.5 million, a decrease of HK$3.9 million compared with HK$320.4 million for 2021. The decline was mainly due to the decrease in ridership as a result of the implementation of various anti-epidemic measures since 2021. LWB recorded a total ridership of 28.6 million passenger trips (a daily average of 78,000 passenger trips) for 2022, as compared with 28.9 million passenger trips (a daily average of 79,000 passenger trips) for 2021. Government subsidies of HK$45.6 million (2021: HK$0.1 million) from various support schemes were recorded in 2022. Total operating expenses for 2022 amounted to HK$409.4 million, a decrease of HK$17.0 million or 4.0% compared with HK$426.4 million for 2021. The decrease in operating expenses was largely due to the decrease in toll charges as a result of the reduction in number of trips resulting from service reductions as well as bus route diversion arrangements following the commissioning of the Tuen Mun-Chek Lap Kok Tunnel with effect from 20 June 2021. Non-franchised Transport Operations The Group’s Non-franchised Transport Operations Division reported a profit after taxation of HK$3.5 million for 2022, representing a decrease of HK$5.3 million compared with the profit after taxation of HK$8.8 million for 2021. A review of the operations of the principal business units in this Division is set out as follows: Sun Bus Holdings Limited and its Subsidiaries (the “SBH Group”) The SBH Group is one of the leading non-franchised bus operators in Hong Kong, providing customised, premium, safe, reliable, and value-for-money transport services to a wide range of customers, including large residential estates, shopping malls, major employers, travel agents and schools, as well as the general public through chartered hire services. The revenue of the SBH Group for 2022 decreased by 8.0% compared with 2021. The decrease was mainly due to the decline in local business as a result of the outbreak of the fifth wave of COVID-19. Total operating expenses for 2022 increased by 3.1% compared with 2021 mainly due to the increase in fuel costs as a result of the increase in international fuel prices. In 2022, the SBH Group continued to modernise its bus fleet with the latest Euro VI buses. As at 31 December 2022, the SBH Group had a fleet of 396 buses (2021: 397 buses).