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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2020 97GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2020(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2020 201916. Revenue and income from operating activities $ $Advertising income 94,281 103,965Circulation income 15,068 14,251Printing and other income 1,285 2,126Total revenue 110,634 120,342Cost of sales (51,060) (67,575)Gross profit 59,574 52,767Administrative costs (40,859) (43,808)Distribution costs (15,682) (18,473)Other income (see below) 4,976 3,672Profit/(loss) from operating activities 8,009 (5,842)Components of other income:Rental income 2,711 2,756Interest and investment income 725 663Loss on foreign exchange (65) (59)Other income 1,135 366Dividend income 59 186Unrealised gain/(loss) on revaluation of investment securities 411 (240) 4,976 3,672Administrative and distribution costs included above:Salaries and wages 25,905 27,887Depreciation and amortisation (excl. right-to-use-assets) 4,296 4,330Depreciation on right-to-use-assets 3,302 3,792Directors%u2019 fees 1,112 1,207Depreciation expense charged to cost of sales for the year amounted to $7.9 million (2019: $8.6 million).Staff cost included in cost of sales amount to $29.4 million (2019: $33.8 million).