Page 139 - Urban Renewal Authority 2023-24 Annual Report

5. Revenue and other income, net (Continued)

(b) Other income, net
Other income, net recognised during the year represents:

2024 2023

$’000 $’000

Interest income 890,008 517,922
Rental income 181,084 130,202
Miscellaneous income 6,155 3,357
Net foreign exchange loss (53,732) (76,208)

1,023,515 575,273

6. Operating deficit before income tax

Operating deficit before income tax is arrived at after charging/(crediting) the following items:

(a) Other items:

2024 2023

$’000 $’000

Cost of properties under joint development projects 3,095,501 5,291,465
Cost of properties sold 445,268 105,986
Staff costs* (excluding directors’ and senior management’s
remuneration) 523,424 489,934
Rehabilitation and retrofit expenses 86,808 45,354
Revitalisation and preservation expenses 15,634 17,054
Place making expenses^ 6,155 9,482
Outgoings in respect of preservation properties,
retained properties and rehousing units 155,231 139,346

Depreciation
– Depreciation 253,082 242,150
– Less: Depreciation capitalised (25,123) (27,373)

227,959 214,777

Auditor’s remuneration
– Audit services 534 534

URA ANNUAL REPORT 2023-24 137