NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 32 PROFIT FOR THE YEAR The following items have been included in arriving at profit for the year: Group Note 2024 2023 $’000 $’000 Other income Gain on disposal of a subsidiary 39 91,894 – Gain on dilution of associates – 2,776 Gain on liquidation of subsidiaries – 5 Gain on insurance claims 16,555 327 Negative goodwill on acquisition of subsidiaries 39 – 38,752 Management fees and miscellaneous income 24,993 6,469 Profit on sale of property, plant and equipment and investment properties 138,573 109,908 272,015 158,237 Staff costs Contributions to defined contribution plans 50,199 42,113 Increase in liability for defined benefit plans 25 337 586 (Decrease)/Increase in liability for short-term accumulating compensated absences (1,057) 2,370 Long-term benefits 3,918 2,013 Wages and salaries 687,013 688,190 740,410 735,272 Less: Staff costs capitalised in: – development properties (22,494) (16,370) – investment properties (605) (1,008) 717,311 717,894 Other expenses Amortisation of intangible assets 603 471 Audit fees paid to: - auditors of the Company and other firms affiliated with KPMG International Limited* 7,292 6,873 – other auditors 353 303 Non-audit fees: - auditors of the Company and other firms affiliated with KPMG International Limited* 2,392 2,898 – other auditors 55 457 Depreciation of: – property, plant and equipment# 4 141,176 138,547 – investment properties 5 135,544 115,012 Direct operating expenses arising from rental of investment properties (excluding depreciation) 193,451 154,780 FINANCIALS CITY DEVELOPMENTS LIMITED 158
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