170. National Food Technology Research Centre 2.0 Accounts  2.1 Audit Opinion 2.2 Financial Results Consequently, I have not been able to carry out the review of the  accounts of the Bank for the financial year ended 31 March 2018, for  the benefit of the National Assembly.  The financial statements of the National Food Technology Research  Centre for the financial year ended 31 March 2018 were audited by  Messrs Grant Thornton, Certified Auditors, who were appointed by the  Board.  In the opinion of the auditors:  The consolidated annual financial statements presented fairly, in  all material respects, the financial position of the National Food  Technology Research Centre as at 31 March 2018, and its  financial performance and its cash flows for the year then  ended, in accordance with the International Financial Reporting  Standards.  The financial operations of the Centre showed a profit of P1.53  million before gains on property revaluation of P28.70 million in  the year under review, compared to a loss of P567 767 in the  previous year.  Income increased by P24 949 from P37.70 million in the previous  year to P37.73 million in the year under review. Expenditure on  the other hand declined by 5% from P38.27 million in the previous  year to P36.19 million in the year under review.  In the year under review, the Group recorded a loss of P5.17  million before gains on property revaluation of P28.70 million  compared to a loss of P2.71 million in the previous year.  Income decreased by 2% from P39.56 million in the previous year  to P38.71 million in the year under review. Expenditure on the  other hand increased by 4% from P42.27 million in the previous  year to P43.88 million in the year under review.  184 