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118 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2023(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2023 202216. Revenue and income from operating activities $ $Advertising income 87,359 104,127Circulation income 11,249 12,966Printing and other income 735 695Total revenue 99,343 117,788Cost of sales (51,626) (59,868)Gross profit 47,717 57,920Administrative costs (45,227) (41,211)Distribution costs (17,760) (16,422)Other income (see below) 5,394 4,329(Loss)/profit from operating activities (9,876) 4,616Components of other income:Rental income 2,721 2,730Interest and investment income 1,404 773Loss on foreign exchange (28) (33)Other income 1,023 669Dividend income 164 120Unrealised gain on revaluation of investment securities 110 70 5,394 4,329Administrative and distribution costs included above:Salaries and wages 23,070 25,959Depreciation and amortisation (excl. right-of-use-assets) 3,220 3,493Depreciation on right-to-use-assets 3,546 3,195Directors%u2019 fees 1,170 1,055Depreciation expense charged to cost of sales for the year amounted to $7.3 million (2022: $7.4 million).Staff cost included in cost of sales amount to $28.65 million (2022: $25.3 million).