Glonway November 6th 丨Jinzhi Public Transport (00077.HK) announced that compared to a profit of approximately HK$27.1 million for the same period last year, the Group is expected to record a loss of approximately HK$13 million in the six-month period ending September 30, 2023.

Compared with the same period last year, the significant change in financial volume is mainly due to the following two factors:

i. Despite significant improvements in the operating profit of the green minibus business, there was no one-time subsidy of about HK$37.4 million from the Government Anti-epidemic Fund as last year, so compared with the same period last year, the profit for the period (excluding the revaluation deficit of public light bus licences) decreased by about HK$24 million; and

ii. The difficult operating environment of the industry, combined with the sharp increase in loan interest rates, had an adverse impact on the market value of public light bus licences, leading to a further decline of 28% in the market value of public light bus licences by about HK$1 million each on September 30, 2023. It is estimated that the revaluation deficit for non-cash public light bus licences recorded in the unaudited consolidated profit and loss statement for the six months ended September 30, 2023 will be approximately HK$25 million, compared to about HK$9.2 million for the same period last year.