Annual Report 2019

133 Miramar Hotel and Investment Company, Limited Annual Report 2019 Notes to the Financial Statements 3 Profit before taxation Profit before taxation is arrived at after charging/(crediting): 2019 2018 HK$’000 HK$’000 (a) Staff costs Contributions to defined contribution retirement plan 21,939 21,937 Salaries, wages and other benefits 451,330 489,761 473,269 511,698 The Group participates in a Mandatory Provident Fund Scheme (the “MPF scheme”) under the Hong Kong Mandatory Provident Fund Schemes Ordinance for employees employed under the jurisdiction of the Hong Kong Employment Ordinance. The MPF scheme is a defined contribution retirement plan administered by independent trustees. Under the MPF scheme, the employer and its employees are each required to make contributions to the plan at 5% of the employees’ relevant income, subject to a cap of monthly relevant income of HK$30,000. Contributions to the plan vest immediately. Employees of subsidiaries in the People’s Republic of China (the “PRC”) are required to participate in defined contribution retirement schemes which are administered and operated by the local municipal government. Those subsidiaries contribute funds which are calculated on certain percentage of the average employee salary as agreed by the local municipal government to the scheme to fund the retirement benefits of the employees. 2019 2018 HK$’000 HK$’000 (b) Finance costs Interest on bank loans 28 27 Interest on amounts due to holders of non-controlling interests  of a subsidiary 733 1,056 Interest on lease liabilities 3,170 – Other borrowing costs 13 25 3,944 1,108 (c) Other non-operating net gain Net gain on liquidation of a subsidiary – (16,589) Net realised and unrealised (gains)/losses on financial assets  measured at FVPL (2,423) 3,108 (2,423) (13,481)