FY 2011 Annual Report - Sheng Siong

66 Sheng Siong Annual Report 2011
Notes to the Financial Statements
17 Net finance cost
2011 2010
$’000 $’000
Interest income received and receivable from:
– financial institutions
Interest expense on term loan paid and payable to:
19 25
– financial institutions (82) –
Net finance income/(costs) recognised in profit or loss (63) 25
18 Profit before income tax
Profit for the year is arrived at after (charging)/crediting the following items:
Group
Note 2011 2010
$’000 $’000
Contributions to defined contribution plans,
included in staff costs (3,304) (4,533)
Depreciation of property, plant and equipment 5 (6,155) (4,249)
Dividend income – 287
Exchange gain/(loss), net 98 (28)
Gain on disposal of other investment
Gain on deemed disposal of other investment through the
– 9,413
declaration of dividend in specie – 153
Government grants 62 816
Loss on disposal of property, plant and equipment (25) (104)
Operating lease expense (14,513) (14,496)
Operating lease income 916 2,453
Audit fees paid to auditors of the Company 210 170
Non-audit fees paid to auditors of the Company*
Professional fee paid to a firm in which a director is a
482 –
member* 443 –
Staff costs (68,068) (77,837)
Sales of recyclable items 1,073 1,028
* These related to professional fees paid to auditors of the Company and a firm in which a director is a member
in connection with the initial public offerings of the Company’ shares charged to profit and loss. Another amount
of $200,000 (also in connection with the initial public offerings of the Company’s shares) was capitalised as
share issue expense and deducted from equity (see Note 11).