Urban Renewal Authority 2018-19 Annual Report

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 118 for the year ended 31 March 2019 (expressed in Hong Kong Dollars) Note 2019 2018 $’000 $’000 Revenue 5(a) 3,422,640 13,867,908 Direct costs (1,738,751) (2,178,487) Gross surplus 1,683,889 11,689,421 Other income, net 5(b) 536,407 451,035 Administrative expenses (448,680) (422,659) Other expenses 6(c) (282,425) (205,502) Write back of provision for impairment on properties and committed projects, net 6(d) 841,326 525,567 Operating surplus before income tax 6 2,330,517 12,037,862 Income tax expenses 7(a) – – Surplus and total comprehensive income for the year 2,330,517 12,037,862 The notes on pages 123 to 168 form part of these consolidated financial statements.