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Income tax expense rose by 111% year on year to 9.7 billion renminbi, driven by operating profit growth and increased withholding tax provision. You know, we're very activeinvestors across the game industry. On a non-IFRS basis, share of profit increased to 4.5 billion renminbi, up from a profit of 3.1
Despite healthily growth in wages, overall disposable income has in fact languished over the past year due to the combined headwinds of falling government transfer payments, sagging asset income, and as of the new year, a significantly higher personal tax burden compared to 2023. So, that's, we were sort of planning on that. and expect it.
00:20:33 And so in that period they ceased to be passive investors, they became activeinvestors, and that became an opportunity for outperformance. And what that will allow me to do is have minimal trading costs, minimal tax costs, and avoid all the behavioral problems that comes with active management.
Similar to what we've said in previous quarters is it's a little bit of a unique market right now in that -- well, we tend to always be both activeinvestors as well as recyclers of capital. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
For an activeinvestor, that provides opportunities,” Graham said, referencing CPP Investments’ approach of combing the globe and often making direct investments in a wide range of assets, from airports to toll roads and energy utilities to malls. Public Equities include absolute return strategies and related investment liabilities.
First, we released a noncash tax valuation allowance of $121 million. We just started investing in great start-ups, and we are now one of the most activeinvestors in the space with more than 400 investments in our portfolio. Q4 net income was $273 million, and adjusted EBITDA was $305 million.
I'll summarize, pre-tax operating income was $235 million. Drilling down into segments, Servicing generated $318 million in pre-tax income, up 39% year over year. To summarize, net income was $204 million, which included a positive $92 million mark net of hedge, $235 million in pre-tax operating earnings and adjustments of $39 million.
We held Walker & Dunlop's annual summer conference in Sun Valley, Idaho two weeks ago with some of the largest and most activeinvestors in commercial real estate. The sentiment at the conference was that after two years of rising interest rates and limited investment activity, it is time to get active again.
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