Annual Report 2023

222 2023 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 5 Profit before taxation Profit before taxation is arrived at after charging/(crediting): 2023 2022 $’000 $’000 (restated) (a) Staff costs Contributions to defined contribution retirement plans 178,599 166,868 (Income)/expenses recognised in respect of defined benefit plans: – Employee benefit assets (note 21(e)) (18,089) 22,662 – Long service payments (note 30) 9,808 69,239 Total retirement cost 170,318 258,769 Equity-settled share-based payment expenses 6,248 1,194 Salaries, wages and other benefits 3,968,844 3,805,601 4,145,410 4,065,564 Less: staff costs included in cost of mask production (953) (2,153) 4,144,457 4,063,411 2023 2022 $’000 $’000 (b) Finance costs Interest on bank loans 234,566 81,164 Interest on lease liabilities (note 24(d)) 290 92 Total interest expense on financial liabilities not at FVPL 234,856 81,256 Less: interest expense capitalised* (124,792) (43,646) 110,064 37,610 * The borrowing costs have been capitalised at the average interest rate of 4.60% per annum (2022: 1.92% per annum). 2023 2022 $’000 $’000 (c) Rentals received and receivable from investment properties Gross rentals (note) (88,263) (56,255) Less: direct outgoings 29,740 12,127 (58,523) (44,128) Note: Included contingent rental income of $47,000 (2022: $61,000).