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175
Gamuda Berhad (29579-T) • Annual Report 2012
13. Land held for property development and property development costs (cont’d.)
(a)
Land held for property development (cont’d.)
(i) Reversal of land cost relates to discount received for the acquisition of the land.
(b)
Property development costs
Freehold
Leasehold Development
land
land
costs
Total
RM’000
RM’000
RM’000
RM’000
Group
At 31 July 2012
Cumulative property development costs
At 1 August 2011
366,832
519,391
949,089
1,835,312
Costs incurred during the year
1,896
169,219
846,767
1,017,882
Transfer from amount due from customers
on contract
-
327,727
-
327,727
Transfer from property, plant and
equipment (Note 12)
10,331
-
5,112
15,443
Transfer to land held for property
development (Note 13(a))
(10,427)
(143,160)
(49,115)
(202,702)
Transfer from land held for property
development (Note 13(a))
21,434
18,321
7,752
47,507
Reversal of completed projects
(66,207)
(1,385)
(554,656)
(622,248)
Transfer to inventories
(3,671)
(824)
(43,222)
(47,717)
Exchange differences
-
9,202
3,756
12,958
At 31 July 2012
320,188
898,491
1,165,483
2,384,162
Cumulative costs recognised in profit or loss
At 1 August 2011
(78,043)
(751)
(355,730)
(434,524)
Recognised during the year
(60,357)
(41,061)
(580,699)
(682,117)
Reversal of completed projects
66,207
1,385
554,656
622,248
Provision for foreseeable losses (Note 7)
-
-
(2,016)
(2,016)
Exchange differences
-
(616)
(695)
(1,311)
At 31 July 2012
(72,193)
(41,043)
(384,484)
(497,720)
Property development costs at 31 July 2012
247,995
857,448
780,999
1,886,442
NoTES To ThE FINANCIAL STATEMENTS
31 July 2012