Annual Report 2020

94 Transport International Holdings Limited 2020 Annual Report Financial Review The Group Summary of Financial Performance 2020 2019 Favourable/(Unfavourable) Change HK$ million HK$ million HK$ million % Revenue 6,190.9 8,112.2 (1,921.3) (23.7) Other income 1,249.6 411.1 838.5 204.0 Operating expenses (7,193.5) (7,813.3) 619.8 7.9 Finance costs (26.9) (32.2) 5.3 16.5 Gain on disposal of a subsidiary 1,495.5 – 1,495.5 N/A Share of profits of associates 6.5 21.5 (15.0) (69.8) Profit before taxation 1,722.1 699.3 1,022.8 146.3 Income tax credit/(expense) 182.0 (94.0) 276.0 293.6 Profit for the year 1,904.1 605.3 1,298.8 214.6 Earnings per share (HK$) 4.21 1.38 2.83 205.1 Review of 2020 Financial Performance The Group’s Results for the Year The Group recorded a non-recurring net gain amounting to HK$1,495.5 million 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 site in 2020. As a result, 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 or 214.6% compared to HK$605.3 million for 2019. Earnings per share increased correspondingly from HK$1.38 for 2019 to HK$4.21 for 2020. Excluding such non-recurring net gain, the profit attributable to equity shareholders for 2020 would have been HK$408.6 million, representing a decrease of HK$196.7 million or 32.5% compared to that for 2019. Dividends per Share Return on Average Net Fixed Asset Employed (exclude property development) HK$ 1.2 1.6 0.8 0.4 0 2016 2017 2018 2019 2020 HK$ million Percent % Average net fixed asset Return on average net fixed asset 6,000 8,000 10,000 4,000 2,000 0 15 20 25 10 5 0 2016 2017 2018 2019 2020