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Operating expenses are recognised as an expense in the period to which they relate.

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to the ownership of an asset. Accommodation lease rentals payable under operating leases are recognised as an expense on a straight-line basis over the term of the relevant lease. Lease incentives received as an incentive to enter into an operating lease are also recognised on a straight-line basis over the term of the lease as a reduction in the rental expense.

Operating expenses were $14.947 million higher than budget. This is mainly due to realised and unrealised foreign exchange losses for forward cover foreign currency contracts, and increased information technology and telecommunication costs following transformation, offset by a reduction in contractor and consultant expenditure.

Last updated: 19 Dec 2023
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