CMB profit line misses the bus
China Motor Bus (CMB) has reported a 52.5 per cent drop in net profit to $102.1 million for the six months to December 31.
Operating profit fell 34.29 per cent to $85.62 million, due partly to the absence of profit from bus operations which contributed $14.88 million a year ago.
The company's Hong Kong Island bus franchise was not renewed in August 1998 and China Motor Bus is now a property investor.
Profit from jointly controlled entities fell 81.77 per cent to $18.1 million. Analysts said this reflected lower income from property sales in the half-year under review.
The group will pay an interim dividend of 10 cents per share and a special dividend of 76 cents per share. Turnover fell 85.42 per cent to $20.34 million.