159 ANNUAL REPORT 2022 STATEMENTS OF COMPREHENSIVE INCOME For the year ended 31 December 2022 Group Fund Note 2022 RM 2021 RM 2022 RM 2021 RM Gross rental income 4 67,901,145 68,998,220 67,901,145 68,998,220 Other income 5 3,898,915 2,544,863 3,898,915 2,544,863 Total revenue 71,800,060 71,543,083 71,800,060 71,543,083 Utilities expenses (5,720,275) (2,330,363) (5,720,275) (2,330,363) Maintenance expenses (3,523,145) (3,135,090) (3,523,145) (3,135,090) Quit rent and assessment (1,744,939) (1,661,222) (1,744,939) (1,661,222) Property manager fee (476,400) (467,400) (476,400) (467,400) Other property expenses (8,896,680) (8,955,158) (8,896,680) (8,955,158) Total property expenses (20,361,439) (16,549,233) (20,361,439) (16,549,233) Net property income 51,438,621 54,993,850 51,438,621 54,993,850 Investment income 6 511,630 329,773 511,630 329,773 Net fair value gain/(loss) on investment properties 10 46,674,736 (12,740,709) 46,674,736 (12,740,709) Total investment income/(expense) 47,186,366 (12,410,936) 47,186,366 (12,410,936) Net investment income 98,624,987 42,582,914 98,624,987 42,582,914 Finance costs on loan: - Finance costs charged by financing institution (26,629,136) (24,340,276) (7,474,053) (5,272,853) - Finance costs from a subsidiary - - (19,155,083) (19,067,423) - Imputed finance costs (1,747,164) (1,698,896) (1,747,164) (1,698,896) Allowance for expected credit losses of trade receivables 13 (142,646) (9,527,577) (142,646) (9,527,577) Allowance for expected credit loss on amount due from a subsidiary - - (302,800) (1,133,848) Manager fees (2,461,404) (2,477,759) (2,461,404) (2,477,759) Trustee fees (117,207) (119,566) (117,207) (119,566) Audit fees - Current year (220,000) (190,000) (195,000) (155,000) - Other services (50,000) (10,000) (50,000) (10,000) Valuation fees (540,000) (340,000) (540,000) (340,000) Other expenses (716,300) (691,651) (707,824) (666,059) Total fund expenses (32,623,857) (39,395,725) (32,893,181) (40,468,981) Profit before tax 66,001,130 3,187,189 65,731,806 2,113,933 Tax (expense)/credit 7 (585,081) 16,833 (585,081) 16,833 Profit for the year, representing total comprehensive income for the year 65,416,049 3,204,022 65,146,725 2,130,766
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