Fare increase applications of NLB approved
The Government today 17 December 2024 announced that a 6.5% bus fare increase application from New Lantao Bus Company (1973) Limited ("NLB") is approved. For most passengers, the absolute amount of increase will be between 10 cents and 50 cents more.
This is only the third fare increase of NLB in the last 16 years and during this long period, the order of magnitude rise in the composite consumer price index (CCPI) has well exceeded that of our fare increments. Labour costs, in particular, have materially exceeded CCPI of late as the Company seeks to sustain its position as an ‘’employer of choice’’ in a competitive market for talent.
Notwithstanding the above, NLB will continue to work with its various stakeholders in pursuit of an ongoing series of judicious house-keeping measures aimed at promoting operational efficiency. Moreover, the Company remains resolutely committed to a programme of ongoing investments in various quality and safety initiatives (including, for example, a fleet renewal programme).
New Lantao Bus Company (1973) Limited
18 December 2024