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ANNUAL REPORT 2024 133GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2024 202316. Revenue and income from operating activities $ $Advertising income 86,688 87,359Circulation income 10,491 11,249Printing and other income 741 735Total revenue 97,920 99,343Cost of sales (48,446) (51,626)Gross profit 49,474 47,717Administrative costs (38,801) (45,227)Distribution costs (17,687) (17,760)Other income (see below) 4,700 5,394Loss from operating activities (2,314) (9,876)Components of other income:Rental income 2,544 2,721Interest and investment income 2,149 1,404Gain/(loss) on foreign exchange 12 (28)Other income 347 1,023Dividend income 208 164Unrealised (loss)/gain on revaluation of investment securities (560) 110 4,700 5,394Administrative and distribution costs included above:Salaries and wages 24,167 23,070Depreciation and amortisation (excl. right-of-use-assets) 3,066 3,220Depreciation on right-to-use-assets 3,767 3,546Directors%u2019 fees 1,206 1,170Depreciation expense charged to cost of sales for the year amounted to $7.4 million (2023: $7.3 million).Staff cost included in cost of sales amount to $28.9 million (2023: $28.65 million).