Annual Report 2021

188 Transport International Holdings Limited 2021 Annual Report NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 5 Profit before taxation Profit before taxation is arrived at after charging/(crediting): 2021 2020 $’000 $’000 (a) Staff costs Defined benefit retirement plan expense (note 20(e)) 53,786 43,508 Contributions to defined contribution retirement plans 163,327 173,862 Movements in provision for long service payments (note 29) 3,280 5,241 Total retirement cost 220,393 222,611 Equity-settled share-based payment expenses 4,108 600 Salaries, wages and other benefits 3,832,128 4,119,913 4,056,629 4,343,124 Less: staff costs included in cost of mask production (2,450) (3,150) 4,054,179 4,339,974 (b) Finance costs Interest on bank loans 28,932 51,588 Interest on lease liabilities (note 23(d)) 94 161 Total interest expense on financial liabilities not at FVPL 29,026 51,749 Less: interest expense capitalised* (14,676) (24,816) 14,350 26,933 * The borrowing costs have been capitalised at the average interest rate of 0.85% per annum (2020: 1.45% per annum). 2021 2020 $’000 $’000 (c) Rentals received and receivable from investment properties Gross rentals (note) (51,694) (72,847) Less: direct outgoings 12,855 12,190 (38,839) (60,657) Note: Included contingent rental income of $86,000 (2020: $128,000).