References are to “Notes to the Financial Statements” on pages 143 to 198. Consolidated Statement of Profit or Loss 2024 HK$M 2023 HK$M Reference Revenue The decrease in revenue of HK$242 million compared to 2023 was principally due to lower gross rental income from property investment, lower revenue from hotels and property trading. Gross rental income from property investment decreased by HK$92 million. In Hong Kong, gross rental income decreased by HK$428 million, mainly reflecting a weak office market with subdued demand and a surplus supply, and loss of rental income arising from the disposal of nine floors of One Island East in December 2023. In the Chinese Mainland, gross rental income increased by HK$313 million, mainly reflecting the tenant mix improvements in some of the malls after the completion of renovations and the full year contribution arising from the completion of the acquisition of the remaining 35% interest in Taikoo Li Chengdu in February 2023. In the U.S.A., gross rental income increased, principally due to the improvement in base rent with an improved tenant mix and higher opening rate. Revenue from hotels decreased by HK$91 million. Hotels in Hong Kong experienced challenges due to a slower than expected recovery of visitors while the performance of the hotels in the Chinese Mainland remained relatively stable, except for the loss of revenue arising from the closure of The Opposite House in Beijing since June 2024. Revenue from property trading decreased by HK$78 million from 2023. In 2024, revenue was recognised from the sale of 2 units of EIGHT STAR STREET in Hong Kong whereas revenue from the sale of 6 units of EIGHT STAR STREET was recognised in 2023. 14,428 14,670 Note 4 FINANCIAL REVIEW 74