KOWLOON Motor Bus has reported a net profit of $330.5 million for last year, up 10.8 per cent from a year earlier. The result - broadly in line with the consensus market forecast of $325 million - included a transfer from the development fund of $800,000 pursuant to the Government's scheme of control. The scheme of control specifies a maximum permitted return for the company. The transfer from the fund helped push the bus company's net profit from $329.6 million to $330.5 million. This compared with a transfer to the development fund in 1991 of $30.6 million, which dragged down the firm's net profit to $298.3 million from $328.9 million. Earnings per share were 82 cents from 74 cents. A final dividend of 47 cents will be paid, against 43 cents. Kowloon Motor Bus, holder of the government franchise to operate buses in Kowloon and the New Territories, is the largest local bus company, running more than 3,000 buses. The company said its revenue increased by 7.5 per cent due to a slight rise in the number of passengers carried and the introduction of new routes. Operating costs rose by 8.3 per cent mainly due to rising salaries, which account for more than 60 per cent of KMB's operating costs. The company is applying for an extension of franchise until 2000. Its present franchise ends on August 31, 1997.