By South China Morning Post | Created at 2024-11-22 10:10:00 | Updated at 2024-11-22 16:25:12
6 hours ago
Lawmakers have slammed Hong Kong’s franchised bus operators for seeking fare increases that exceed the inflation rate despite some reporting profits, calling for a review of the adjustment mechanism.
Nearly 20 lawmakers questioned bus operators’ proposed increases in a two-hour meeting of the Legislative Council’s transport panel on Friday.
KMB and New Lantao Bus applied to raise fares by 6.5 per cent, despite both firms reporting profits last year, while Citybus is seeking an increase of nearly 9.5 per cent.
Lawmaker Edward Leung Hei questioned the decision of Citybus’ parent company to pay stakeholders HK$450 million in dividends last year despite claiming financial losses.
Citybus, which carried a daily average of 840,000 passengers last year, incurred a post-tax loss of more than HK$57 million, after logging a deficit of HK$39 million after tax in 2022.
“Based on open data, the overall profit was HK$100 million. This loss of HK$57 million is a lie to the public,” he said at the meeting attended by representatives of the bus companies.
