Annual Report 2020

141 Notes to the Financial Statements Miramar Hotel and Investment Company, Limited Annual Report 2020 8 Earnings per share (Continued) (b) Underlying earnings per share For the purpose of assessing the underlying performance of the Group, underlying earnings per share is additionally calculated based on the profit attributable to shareholders of the Company after excluding the effects of changes in fair value of investment properties. A reconciliation of profit is as follows: 2020 2019 HK$’000 HK$’000 Profit attributable to shareholders of the Company 301,899 1,288,227 Changes in fair value of investment properties during the year 152,016 (503,945) Effect of deferred tax on changes in fair value of investment properties 45 (55) Underlying profit attributable to shareholders of the Company 453,960 784,227 Underlying earnings per share HK$ 0.66 HK$1.13 9 Revenue and segment reporting The Group manages its businesses by segments which are organised by business lines. In a manner consistent with the way in which information is reported internally to the Group’s board and senior executive management for the purposes of resource allocation and performance assessment, the Group has identified the following five reportable segments. Property rental : The leasing of office and retail premises to generate rental income and to gain from the appreciation in properties’ values in the long term Hotels and serviced apartments : The operating of hotels and serviced apartments and provision of hotel management services Food and beverage operation : The operation of restaurants Travel operation : The operation of travel agency services Others : Other businesses The principal activities of the Group are property rental, hotels and serviced apartments, food and beverage operation and travel operation. Revenue represents income from property rental, hotels and serviced apartments, food and beverage, travel and other operations.