Review of Operations Six months ended Year ended 30th June 31st December 2024 2023 2023 HK$M HK$M HK$M Revenue Gross Rental Income derived from Office 2,765 2,960 5,835 Retail 3,682 3,510 7,143 Residential 218 207 430 (1) Other Revenue 62 55 117 Property Investment 6,727 6,732 13,525 Property Trading 88 89 166 Hotels 464 476 979 Total Revenue 7,279 7,297 14,670 Operating Profit/(Losses) derived from Property investment From operations 4,389 4,254 8,261 Sale of interests in investment properties (219) – (60) Fair value losses in respect of investment properties (842) (1,332) (2,829) Property trading (54) (12) (89) Hotels (57) (37) (103) Total Operating Profit 3,217 2,873 5,180 Share of Post-tax Profit/(Losses) from Joint Venture and Associated Companies 350 524 (292) Profit Attributable to the Company’s Shareholders 1,796 2,223 2,637 (1) Other revenue is mainly estate management fees. 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 fair value 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 Hong Kong, the Group’s investment properties recorded fair value losses of HK$2,702 million in the first half of 2024. In the Chinese Mainland and the U.S.A., investment properties recorded fair value gains of HK$1,630 million and HK$241 million respectively. There are further adjustments 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 and remeasurement gains on interests in joint venture companies which became subsidiary companies after completion of acquisition. Amortisation of right-of-use assets classified as investment properties is charged to underlying profit. 17