Annual Report 2024

217 2024 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 4 Other net income 2024 2023 $’000 $’000 Dividend income from equity investments 81,541 91,454 Interest income on financial assets measured at FVOCI (recycling) 25,603 54,202 Interest income on financial assets measured at amortised cost 61,121 59,187 Net loss on derecognition of financial assets measured at FVOCI (recycling) (note 9) (3,098) (7) Net foreign exchange (loss)/gain (6,482) 1,748 Expected credit losses on other financial assets (note 20(ii)) (171,000) (260,000) (12,315) (53,416) Claims received 24,116 15,493 Net miscellaneous business receipts 12,885 11,868 Net gain on disposal of other property, plant and equipment 4,162 3,606 Government subsidies 15,744 7,748 Sundry income 67,807 82,807 112,399 68,106 5 Profit before taxation Profit before taxation is arrived at after charging/(crediting): 2024 2023 $’000 $’000 (a) Staff costs Contributions to defined contribution retirement plans 185,469 178,599 (Income)/expenses recognised in respect of defined benefit plans: – Employee benefit assets (note 21(e)) (12,926) (18,089) – Long service payments (note 30) 11,543 9,808 Total retirement cost 184,086 170,318 Equity-settled share-based payment expenses 3,454 6,248 Salaries, wages and other benefits 4,244,209 3,968,844 4,431,749 4,145,410 Less: staff costs included in cost of mask production (778) (953) 4,430,971 4,144,457 2024 2023 $’000 $’000 (b) Finance costs Interest on bank loans 222,772 234,566 Interest on lease liabilities (note 24(d)) 317 290 Total interest expenses on financial liabilities not measured at FVPL 223,089 234,856 Less: interest expense capitalised* (124,746) (124,792) 98,343 110,064 * The borrowing costs have been capitalised at the average interest rate of 4.92% per annum (2023: 4.60% per annum).