Annual Report 2019

141 Transport International Holdings Limited 2019 Annual Report Consolidated Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2019 (Expressed in Hong Kong dollars) 2019 2018 (Note) Note $’ 000 $’ 000 Profit for the year 605,311 720,072 Other comprehensive income for the year (after tax and reclassification adjustments): Items that will not be reclassified to profit or loss: Remeasurements of net defined benefit asset/liability, net of tax expense of $74,709,000 (2018: tax credit of $52,190,000) 378,074 (264,115) Equity investment at fair value through other comprehensive income: net movement in fair value reserve (non-recycling), net of nil tax 31(f) 3,907 20,508 Items that may be reclassified subsequently to profit or loss: Exchange differences on translation of financial statements of entities outside Hong Kong, net of nil tax (10,705) (31,189) Cash flow hedge: net movement in hedging reserve, net of nil tax (2018: net of tax credit of $222,000) 31(d) – (1,124) Investments in debt securities: net movement in fair value reserve (recycling), net of nil tax 9 38,198 (39,453) Share of other comprehensive income of an associate, net of nil tax 11,707 – Other comprehensive income for the year 421,181 (315,373) Total comprehensive income for the year 1,026,492 404,699 Note: The Group has initially applied HKFRS 16 at 1 January 2019 using the modified retrospective approach. Under this approach, comparative information is not restated. See note 1(c). The notes on pages 148 to 235 form part of these financial statements.