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The Kowloon Motor Bus Holding Limited

Consolidated Profit and Loss Account
for the year ended 31 December 1998

                                                         1998        1997
                                            Note      HKS'000     HK$'000
=========================================================================
Turnover                                      2     5,510,365   4,862,601
                                                    =========   =========
Operating profit                              3       678,581     554,610
Share of losses of associated company                       -          (3)
Share of losses of jointly controlled
   entity                                                 (52)        (39)
                                                    ---------   ---------
Profit before taxation                                678,629     554,568
Taxation                                    6(a)      (92,754)     (3,985)
                                                    ---------   ---------
Profit after taxation                                 585,875     550,583
Transfer from development fund               19             -         224
Minority interests                                       (425)         (9)
                                                    ---------   ---------
Profit attributable to shareholders           7       585,450     550,798
Appropriations:
Dividends                                     8      (464,186)   (435,930)
                                                    ---------   ---------
Retained profit for the year                 17       121,264     114,868
Retained profits at 1 January                       1,285,875   1,171,007
                                                    ---------   ---------
Retained profits at 31 December              17     1,407,139   1,285,875
                                                    =========   =========
Earnings per share                            9         $1.45       $1.36
                                                    =========   =========
Profit for the year is retained as follows:
By the Company and its subsidiaries                   121,316     114,910
By associated company                                       -          (3)
By jointly controlled entity                              (52)        (39)
                                                    ---------   ---------
                                                      121,264     114,868
                                                    =========   =========
=========================================================================

The notes on pages 65 to 80 form part of these accounts.


Source: The Kowloon Motor Bus Holding Limited
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