On August 15, Goriong announced that the unaudited net profit attributable to shareholders of the Group for the six months ended June 30, 2024 was HKD 0.1203 billion (HKD 0.1337 billion for the six months ended June 30, 2023). The slight decline in profit was mainly due to the fair value change of investment properties and properties under development recorded in 2023, which was not recorded in 2024. The Group's flagship company Kowloon Motor Bus (1933) Co., Ltd. recorded a profit after tax of HKD 21.9 million, compared to a loss after tax of HKD 48.2 million in the same period last year, improving by HKD 70.1 million. The improvement was mainly due to the increase in fare revenue, but the rise in employee costs offset part of the increase.
However, Kowloon Bus still faces many unfavorable factors such as the rise in employee costs and the instability of international fuel prices, which may have a significant impact on its finances. Earnings per share were HKD 0.24 (HKD 0.28 for the six months ended June 30, 2023). After careful consideration of the ongoing challenges and uncertainties in the future, the Board of Directors does not recommend declaring an interim dividend for the six months ending June 30, 2024.
