30. SEGMENT INFORMATION The Group had determined the operating segments based on reports reviewed by Management that are used to make strategic decisions, allocate resources and assess performance. Management comprises the Chief Executive Officer and Chief Financial Officer. Management considers and evaluates the business by the nature of investment properties – port logistics, specialised logistics and E-commerce logistics. These properties are concentrated in one geographical location: People’s Republic of China. This forms the basis of identifying the operating segments of the Group under FRS 108 Operating Segments. Segment revenue comprises mainly income generated from its tenants. Segment net property income represents the income earned by each segment after allocating property expenses. This is the measure reported to Management for the purpose of assessment of segment performance. In addition, Management monitors the non-financial assets as well as financial assets attributable to each segment when assessing segment performance. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly management fee, trust expenses, finance income, finance costs and related assets and liabilities. Property income and expenses Port Logistics Specialised Logistics E-commerce Logistics Total 2024 2023 2024 2023 2024 2023 2024 2023 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 Group Gross revenue 43,415 44,658 5,093 10,847 43,700 52,265 92,208 107,770 Property expenses (6,128) (3,205) (1,600) (1,082) (3,281) (4,282) (11,009) (8,569) Net property income 37,287 41,453 3,493 9,765 40,419 47,983 81,199 99,201 Net change in fair value of investment properties (44,867) (250,050) (20,639) (98,659) (30,193) (258,041) (95,699) (606,750) Finance income (863) 1,662 Finance costs (49,037) (46,615) Other trust expenses* (4,781) (6,024) Exchange differences (3,690) 3,047 Net change in fair value of financial derivatives 1,879 (2,649) Total return for the financial year before income tax (70,992) (558,128) Income tax credit 6,131 108,854 Total return for the financial year after income tax before distribution (64,861) (449,274) * Other trust expenses include Manager’s fees and Trustee’s fees. ANNUAL REPORT 2024 123 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
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