20 REVENUE (continued) Disaggregation of revenue from contracts with customers In the following table, revenue from contracts with customers is disaggregated by timing of revenue recognition. Group 2023 2022 Point in time Over time Total Point in time Over time Total $’000 $’000 $’000 $’000 $’000 $’000 Revenue from sale of development properties 86,344 – 86,344 49,715 – 49,715 Revenue from hotel operations 2,406 – 2,406 2,986 – 2,986 Revenue from real estate management services 103 35,653 35,756 1,850 17,927 19,777 88,853 35,653 124,506 54,551 17,927 72,478 21 OTHER INCOME Group 2023 2022 $’000 $’000 Change in fair value of investment properties 57,218 56,822 Gain on disposal of a subsidiary (note 26) 28,541 – Net gain on acquisition of a subsidiary 4,001 – Others 54,082 18,531 143,842 75,353 Included in Others is an amount of $45.0 million relating to stamp duties and sales tax savings arising from a restructuring exercise undertaken by the Group. 22 NET FINANCE COSTS Group 2023 2022 $’000 $’000 Interest income on loans to associates and joint ventures 7,752 7,056 Interest income on bank deposits 2,708 970 Finance income 10,460 8,026 Interest expense on financial liabilities measured at amortised cost 221,967 138,614 Less: Borrowing costs capitalised in: – investment properties (26,821) (8,987) – development properties (13,477) (8,925) Finance costs 181,669 120,702 Net finance costs recognised in profit or loss 171,209 112,676 Notes to the Financial Statements Year ended 31 December 2023 200 PERENNIAL HOLDINGS PRIVATE LIMITED
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