Notes to the Condensed Interim Financial Statements 4. Revenue Revenue represents sales by the Company and its subsidiary companies to external customers and comprises: Six months ended Year ended 30th June 31st December 2023 2022 2022 HK$M HK$M HK$M Restated Gross rental income from investment properties 6,677 6,215 12,226 Property trading 89 383 921 Hotels 476 262 565 Rendering of other services 55 50 114 7,297 6,910 13,826 5. Cost of Sales Six months ended Year ended 30th June 31st December 2023 2022 2022 HK$M HK$M HK$M Restated Direct rental outgoings in respect of investment properties 1,483 1,382 2,997 Property trading 63 155 621 Hotels 424 334 685 1,970 1,871 4,303 62 Swire Properties Limited Interim Report 2023