Annual Report 2024

112 2024 Annual Report Transport International Holdings Limited FINANCIAL REVIEW The Group Summary of Financial Performance 2024 2023 Favourable/(Unfavourable) Change HK$ million HK$ million HK$ million % Revenue 8,215.4 7,884.8 330.6 4.2 Other net income 112.4 68.1 44.3 65.1 Operating expenses (7,916.2) (7,738.3) (177.9) (2.3) Profit from operations 411.6 214.6 197.0 91.8 Change in fair value of investment properties and investment property under development (78.2) 287.4 (365.6) (127.2) Finance costs (98.3) (110.1) 11.8 10.7 Share of profits of associates 0.6 31.1 (30.5) (98.1) Share of profit of joint venture 8.6 8.1 0.5 6.2 Profit before taxation 244.3 431.1 (186.8) (43.3) Income tax expense (57.0) (29.4) (27.6) (93.9) Profit for the year (“Reported profit”) 187.3 401.7 (214.4) (53.4) Underlying profit (Reported profit excluding the effect of change in fair value of investment properties and investment property under development) 265.5 114.3 151.2 132.3 Reported earnings per share (HK$) 0.37 0.83 (0.46) (55.4) Underlying earnings per share (HK$) 0.53 0.24 0.29 120.8 Review of 2024 Financial Performance The Group’s Results for the Year The Group’s underlying profit attributable to equity shareholders for the year ended 31 December 2024, excluding the effect of the change in fair value of investment properties and investment property under development, amounted to HK$265.5 million, compared to HK$114.3 million last year. Underlying earnings per share was HK$0.53, compared to HK$0.24 last year. The increase in underlying profit was mainly attributable to the improvement in the financial performance of the franchised public bus operations, but partly offset by expected credit losses on certain listed debt securities. Reported profit and reported earnings per share attributable to equity shareholders were HK$187.3 million and HK$0.37 respectively, compared to HK$401.7 million and HK$0.83 last year. The 2024 reported profit included a decrease in fair value of investment properties and investment property under development of HK$78.2 million, compared to an increase of HK$287.4 million last year.