28 LEASES (continued) Amounts recognised in consolidated statement of profit or loss Group 2024 2023 $’000 $’000 Interest on lease liabilities 847 15 Expenses relating to short-term leases and leases of low-value assets 2,370 1,328 Amounts recognised in consolidated statement of cash flows Group 2024 2023 $’000 $’000 Total cash outflow for leases 2,616 339 Leases as lessor The Group leases out its investment properties consisting of its owned commercial properties (see note 6). All leases are classified as operating leases from a lessor perspective. Operating lease The Group leases out its investment properties. The Group has classified these leases as operating leases, because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets. Note 6 sets out information about the operating leases of investment properties. Rental income from investment properties recognised by the Group during 2024 was $84,697,000 (2023: $76,422,000). The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date. 2024 2023 $’000 $’000 Less than one year 67,154 62,931 One to two years 59,737 55,607 Two to three years 50,263 46,752 Three to four years 43,059 38,678 Four to five years 36,134 33,770 More than five years 113,079 151,742 Total 369,426 389,480 Notes to the Financial Statements Year ended 31 December 2024 228 PERENNIAL HOLDINGS PRIVATE LIMITED
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