Annual Report 2023

121 2023 Annual Report Transport International Holdings Limited Individual Business Units Franchised Public Bus Operations The Kowloon Motor Bus Company (1933) Limited (“KMB”) Unit 2023 2022 (Restated) Revenue HK$ million 7,031.3 6,035.4 Other income HK$ million 133.0 572.6 Total operating expenses HK$ million (7,070.3) (6,723.6) Profit/(loss) from operations HK$ million 94.0 (115.6) Finance costs HK$ million (78.8) (34.0) Profit/(loss) before taxation HK$ million 15.2 (149.6) Income tax (expense)/credit HK$ million (3.7) 99.7 Profit/(loss) after taxation HK$ million 11.5 (49.9) Net profit/(loss)margin 0.2% (0.8%) Passenger volume Million passenger trips 923.6 805.4 Kilometres operated Million km 260.2 253.1 Staff number at year-end Number of staff 11,598 12,114 Fleet size at year-end Number of buses 4,055 4,036 Total assets HK$ million 10,012.5 10,607.0 KMB recorded a profit after taxation of HK$11.5 million for 2023, compared to the restated loss after taxation of HK$49.9 million for 2022. Fare revenue for 2023 was HK$6,740.7 million, an increase of HK$965.8 million or 16.7% compared with HK$5,774.9 million for 2022. The increase was mainly due to the increase in fare revenue as a result of the rebound in patronage and the fare increase with effect from 18 June 2023. KMB’s total ridership increased by 14.7% to 923.6 million passenger trips (a daily average of 2.53 million passenger trips) as compared with 805.4 million passenger trips (a daily average of 2.21 million passenger trips) for 2022. Total operating expenses for 2023 amounted to HK$7,070.3 million, an increase of HK$346.7 million compared with HK$6,723.6 million (restated) for 2022. The increase was mainly due to the increases in fuel costs, staff costs and depreciation resulting from high international fuel prices, pay rises and fleet replacement, respectively.