KMB sales up, but earnings fall The bus operator blames competition from rail, and the weak economy, for the dip below $1b, which disappoints analysts.

(From South China Morning Post)

Byline: Denise Tsang

Poor performances at core franchised bus services and an advertising unit knocked 38.96 per cent off the net profit of Kowloon Motor Bus Holdings (KMB) to HK$939.6 million last year.

Hong Kong's largest franchised bus firm, serving Kowloon, the New Territories and harbour crossing, suffered a 17.48 per cent drop in profit contribution from transport services to HK$1.05 billion and a 50.83 per cent fall in media sales services to HK$117.81 million.

However, the previous year's result included a non-recurring gain of HK$349.56 million from spinning off media and advertising arm RoadShow …