Company: TGE
Filing Date: 2025-04-25
Form Type: F-4/A
Source: 0001213900-25-035536
Chunk: 354

Company: Generation Essentials Group
Filing Date: 2025-04-25
Form: F-4/A
Chunk 354
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 due to the additional cost incurred as a result of the expansion of L’Officiel into various jurisdictions such as Singapore and Malaysia since 2023 and our acquisition of The Art Newspaper in October 2023. Our cost of hotel operation increased from US$1.7 million in 2022 to US$2.1 million in 2023, mainly due to the additional costs incurred to maintain the operation of services resulting from the increase in occupancy rate of our hotels. Other income Our other income marginally increased from US$0.5 million in 2022 to US$1.2 million in 2023. Gain from a bargain purchase Our gain from a bargain purchase decreased from US$4.8 million in 2022 to US$4.5 million in 2023. The gain from a bargain purchase in 2023 resulted from the acquisition of The Art Newspaper, while the gain in 2022 resulted from the acquisition of L’Officiel. Other operating expenses Our other operating expenses increased from US$3.5 million in 2022 to US$5.7 million in 2023, mainly due to an increase in depreciation as a result of the increase in the revalued amount of our hotel property. Staff costs Our staff costs increased from US$3.9 million in 2022 to US$7.9 million in 2023, mainly due to the increase in salaries as a result of our expansion. Share of (losses) profits of joint ventures Our share of profits of joint venture was US$0.8 million in 2022 and our share of losses of joint ventures was US$2.6 million in 2023. The difference was mainly due to the increase in depreciation of our hotel property and the increase in our hotel joint venture’s finance costs. Finance costs Our finance costs increased from US$2.6 million in 2022 to US$7.1 million in 2023, mainly due to (i) an increase in our borrowings and the interests payable thereon, and (ii) an increase in average interest rate charged by the banks due to global interest rate hike in 2023. Income tax expense Our income tax increased from US$0.6 million in 2022 to US$1.8 million in 2023, mainly due to the increase in the assessable profits generated from our operations. Profit for the year As a result of the foregoing, our profit decreased from US$23.1 million in 2022