Annual Report 2020

12 Transport International Holdings Limited 2020 Annual Report Chairman’s Letter In the face of such an extremely difficult operational environment, the Group strived for the best to safeguard stable employment for all staff members, especially frontline employees. Dear Shareholders, On behalf of the Board of Directors, I would like to report that the Group’s profit attributable to equity shareholders for the year ended 31 December 2020 was HK$1,904.1 million, an increase of HK$1,298.8 million compared to 2019, in which HK$1,495.5 million was attributed to the recognition of non-recurring gains arising from the revaluation and disposal of 50% equity interest in TM Properties Investment Limited, being the wholly-owned subsidiary which holds the Tuen Mun Town Lot No. 80. Excluding such non-recurring gains, the profit attributable to equity shareholders for 2020 would have been HK$408.6 million, representing a decrease of HK$196.7 million compared to that for 2019. Dividends The Board of Directors has proposed an ordinary final dividend of HK$0.50 per share to be paid on 30 June 2021. The total dividend for the year will be HK$0.50 per share. Financial Performance in 2020 The Kowloon Motor Bus Company (1933) Limited (“KMB”) recorded a profit after taxation of HK$203.3 million, representing a decrease of HK$111.6 million compared to 2019. Amid COVID-19, bus patronage experienced a drastic drop. In 2020, the passenger numbers decreased by 24.0% compared to 2019. As for Long Win Bus Company Limited (“LWB”), profit after taxation for 2020 was HK$0.6 million, representing a decrease of HK$53.1 million compared to 2019. Both visitor arrivals to Hong Kong and the number of departures plunged as an unprecedented severe blow was inflicted on the tourism industry by the pandemic. The passenger numbers of LWB dropped significantly, resulting in a year-on-year passenger decrease of 38.4% compared to 2019. The Group’s non-franchised Transport Division, with Sun Bus Limited (“Sun Bus”) as its flagship company, recorded a profit after taxation of HK$41.5 million, representing an increase of HK$1.7 million compared to 2019. The increase in profit was mainly due to government subsidies and a number of cost control measures implemented amidst the decline in business as a result of the outbreak of COVID-19. The pandemic led to a halt in the tourism industry, in addition to the anti-