A substantial portion of the Group's profits neither arose in, nor was derived from, Hong Kong and therefore was not subject to Hong Kong Profits Tax.
Overseas taxation is calculated at the rates prevailing in the respective jurisdictions.
The Group had no significant unprovided deferred taxation for the year. Costs Review During the year, while the global market improved, the Group has experienced an increase in operating cost in certain areas. Also contributing to this increase was a rise in headcount, attributable to the hiring of additional workers to compensate for stricter restrictions limiting employees' working hours. Material costs rose slightly, partly due to the increase in global petroleum prices over the past year. The Group remains committed to tightly controlled internal operating efficiency.