REVIEW OF OPERATIONS 2022 2021(2) HK$M HK$M Restated Revenue Gross Rental Income derived from Offices 6,003 6,214 Retail 5,849 6,191 Residential 374 474 Other Revenue (1) 114 102 Property Investment 12,340 12,981 Property Trading 921 2,443 Hotels 565 894 Total Revenue 13,826 16,318 Operating Profit/(Losses) derived from Property investment From operations 7,702 8,278 Sale of interests in investment properties 571 1,185 Valuation gains/(losses) on investment properties 801 (1,947) Property trading 209 492 Hotels (259) (174) Total Operating Profit 9,024 7,834 Share of Post-tax Profit from Joint Venture and Associated Companies 1,455 1,786 Profit Attributable to the Company’s Shareholders 7,980 7,112 (1) Other revenue is mainly estate management fees. (2) Following a change in accounting policy resulting from the agenda decision approved by the IFRS Interpretation Committee on “Lessor Forgiveness of Lease Payments (IFRS 9 and IFRS 16)”, the 2021 comparative figures have been restated. Refer to note 1(c) to the financial statements for further details. Additional information is provided in the following section to reconcile reported and underlying profit attributable to the Company’s shareholders. These reconciling items principally adjust for the net valuation movements on investment properties and the associated deferred tax in the Chinese Mainland and the U.S.A., and for other deferred tax provisions in relation to investment properties. In the Chinese Mainland and the U.S.A., the Group’s investment properties recorded net property valuation gains of HK$2,503 million and HK$389 million respectively in 2022. In Hong Kong, investment properties recorded net property valuation losses of HK$1,166 million. There is a further adjustment to remove the effect of the movement in the fair value of the liability in respect of a put option in favour of the owner of a non-controlling interest. Amortisation of right-of-use assets classified as investment properties is charged to underlying profit. 32