2018E — Page 93

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