载通(00062) - 2024 - 中期业绩

Financial Performance - The group's unaudited profit attributable to shareholders for the six months ended June 30, 2024, was HKD 120.3 million, a decrease from HKD 133.7 million for the same period in 2023, representing a decline of approximately 10.1%[2] - Revenue for the six months ended June 30, 2024, was HKD 4,064.4 million, up from HKD 3,805.4 million in the same period of 2023, indicating an increase of approximately 6.8%[3] - Earnings per share for the six months ended June 30, 2024, was HKD 0.24, down from HKD 0.28 for the same period in 2023, reflecting a decrease of about 14.3%[3] - The group did not recommend an interim dividend for the six months ended June 30, 2024, due to ongoing challenges and uncertainties[2] - The group reported a pre-tax profit of HKD 2,220.6 million for the six months ended June 30, 2024, compared to HKD 2,084.3 million for the same period in 2023, indicating an increase of 6.5%[13] Operating Costs and Employee Expenses - Employee costs increased to HKD 2,220.6 million from HKD 2,084.3 million, representing a rise of approximately 6.5%[3] - Total employee compensation for the six months ended June 30, 2024, was HKD 2.128 billion, representing approximately 53% of the group's total operating costs, an increase from HKD 2.002 billion for the same period in 2023[46] - Total operating costs for Kowloon Bus increased to HKD 3.5905 billion for the six months ended June 30, 2024, up 2.1% from HKD 3.5177 billion in the same period in 2023[28] - Total operating costs for Long Win were HKD 278.5 million for the six months ending June 30, 2024, an increase of HKD 41.4 million or 17.5% from HKD 237.1 million in the same period in 2023, mainly due to rising employee and fuel costs[29] Assets and Liabilities - The group's total assets less current liabilities amounted to HKD 20,980.0 million, slightly down from HKD 21,018.1 million at the end of 2023[5] - Non-current assets totaled HKD 20,813.0 million, a slight decrease from HKD 20,887.9 million at the end of 2023[5] - The net asset value of the group was HKD 16,322.4 million, down from HKD 16,405.5 million at the end of 2023, indicating a decrease of approximately 0.5%[6] - Total liabilities as of June 30, 2024, were HKD 7,498.0 million, a slight decrease from HKD 7,756.1 million as of December 31, 2023[8] - The group's total assets as of June 30, 2024, were HKD 21,223.4 million, slightly down from HKD 21,235.9 million as of December 31, 2023[8] Revenue Sources - Public bus service fare revenue reached HKD 3,742.3 million, up from HKD 3,494.8 million, reflecting a growth of 7.1%[11] - Fare revenue for Kowloon Bus was HKD 3.4399 billion for the six months ended June 30, 2024, an increase of HKD 185.7 million or 5.7% from HKD 3.2542 billion in the same period in 2023[28] - For the six months ending June 30, 2024, Long Win's fare revenue reached HKD 303.3 million, up HKD 62.3 million or 25.9% from HKD 241.0 million in the same period of 2023, primarily due to increased passenger volume[29] - New Hong Kong Bus Company saw a revenue increase of 57.3% for the six months ending June 30, 2024, due to the full resumption of its cross-border shuttle bus services[31] Profitability of Subsidiaries - The flagship company, Kowloon Motor Bus Company (1933) Limited, recorded a profit after tax of HKD 21.9 million, an improvement of HKD 70.1 million compared to a loss of HKD 48.2 million in the previous year[2] - As of June 30, 2024, Long Win's after-tax profit was HKD 21.5 million, an increase of HKD 18.3 million compared to HKD 3.2 million for the same period in 2023[29] - Sunshine Bus Group recorded an after-tax profit of HKD 6.2 million for the six months ending June 30, 2024, compared to HKD 1.0 million for the same period in 2023, attributed to increased cross-border service demand and cost control measures[31] - The property holding and development segment reported an after-tax profit of HKD 29.1 million for the six months ending June 30, 2024, compared to HKD 18.8 million for the same period in 2023, excluding fair value gains[32] Investments and Capital Expenditure - The group's capital expenditure for the six months ended June 30, 2024, was HKD 487.2 million, primarily for the acquisition of new vehicles to update the fleet[37] - The group invested RMB 387.1 million (equivalent to HKD 363.9 million) in Shenzhen Bus Group, which operates over 5,000 buses across more than 330 routes in Guangdong Province[35] - Beijing BMC Kowloon Taxi Co., Ltd. operates over 4,500 taxis as of June 30, 2024, with an investment of RMB 80 million (equivalent to HKD 75.5 million), representing a 31.38% equity stake[36] Risk Management and Strategic Initiatives - The group actively manages fuel price risks through procurement contracts with diesel suppliers, while continuously monitoring fuel price trends and adjusting risk management strategies accordingly[42] - The group has implemented a credit policy to monitor credit risks associated with trade receivables and debt investments, ensuring ongoing oversight of these risks[43] - The treasury team strategically enters into forward foreign exchange contracts to mitigate foreign exchange risks related to purchasing buses in GBP[42] - The group is committed to enhancing public transport services through the introduction of the first "Passenger Day Ticket," allowing unlimited travel on over 450 routes within 24 hours, aimed at boosting bus service usage[48] - The group is focused on creating a more inclusive society by collaborating with NGOs to introduce "Audio Bus Stops" equipped with RFID systems for visually impaired passengers[48] Corporate Governance and Compliance - The company has complied with the applicable code provisions of the Corporate Governance Code during the six months ended June 30, 2024, except for three directors who were unable to attend the annual general meeting[52] - The interim financial report for the six months ended June 30, 2024, has been reviewed by the independent auditor, KPMG, in accordance with the relevant standards[53] - The interim results announcement and report will be published on the company's website and sent to shareholders in mid-September 2024[54]