CHINA Motor Bus (CMB), which lost its exclusive franchise for bus services on Hong Kong Island in August, yesterday announced a modest rise in net profit of 3.6 per cent for the year to June 30. The company posted net profits of $82.2 million, compared with $79.2 million in fiscal 1992, while earnings per share edged up 4.1 per cent to $1.78, from $1.71 last year. The final dividend remained unchanged at 70 cents. This followed interim dividends of 21 cents and 50 cents as well as a special dividend of 50 cents. There was a total dividend of $4.19 in fiscal 1992. The profit figures were significantly below most analysts' forecasts, according to The Estimate Directory. Turnover climbed 2.7 per cent to $814.5 million from $792.4 million. Investors ignored the disappointing results yesterday, pushing CMB's stock up by $2.50 to an all-time high of $55.50. The stock has now climbed 20 per cent, or $9.25, in the past month without any sharp declines along the way. The company said it was attempting to deal with the loss of 26 routes - following the expiry of its franchise agreement with the Government on August 31 - by implementing a rationalisation programme to achieve higher operating efficiency. This has included a number of route modifications and some additional services, and the expansion of services for new and expanding developments on Hong Kong Island.