NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
1 SIGNIFICANT ACCOUNTING POLICIES (Continued)
(c) Changes in accounting policies (Continued)
HKFRS 15, Revenue from contracts with customers (Continued)
(ii) Effect on the consolidated statement of profit or loss for the year ended 31 December 2017
Impact on
initial
As previously
application of
reported
HK$'000
HKFRS 15
HK$'000
As restated
HK$'000
Revenue
Direct costs
493,529
(45,892)
447,637
(231,120)
3,340
(227,780)
262,409
(42,552)
219,857
Other revenue
59,353
59,353
Other net income
66,478
66,478
Valuation gains on investment properties
56,954
56,954
Selling and marketing expenses
(11,510)
126
(11,384)
Administrative expenses
(44,263)
(44,263)
Other operating expenses
(4,293)
(4,293)
Profit from operations
385,128
(42,426)
342,702
Share of profits less losses of associates
926
926
Share of loss of a joint venture
(101)
(101)
Profit before taxation
Taxation
385,953
(42,426)
343,527
(39,661)
7,259
(32,402)
Profit attributable to equity shareholders
of the Company
346,292
(35,167)
311,125
Earnings per share
- Basic and diluted
$0.97
$0.87
Hong Kong Ferry (Holdings) Company Limited
91
Annual Report 2018