Wah Seong Corporation Berhad Annual Report 2020

167 ANNUAL REPORT 2020 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 29 GROSS REVENUE Group Company 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 Revenue from contracts with customers Contract revenue 761,197 1,726,343 - - Sale of goods 625,445 767,824 - - Management fees - - 701 700 1,386,642 2,494,167 701 700 Revenue from other sources Rental income 22,465 20,462 - - Dividend income - - 27,414 7,965 Interest income - 287 8,884 12,274 22,465 20,749 36,298 20,239 1,409,107 2,514,916 36,999 20,939 Revenue from contracts with customers is represented by: Group Company 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 Timing of revenue recognition - Over time 736,999 1,573,114 701 700 - At a point in time 649,643 921,053 - - 1,386,642 2,494,167 701 700 30 COST OF SALES Group 2020 2019 RM’000 RM’000 Contract costs 670,498 1,516,461 Cost of goods sold 539,497 673,089 Direct operating costs relating to rental income 19,440 17,308 1,229,435 2,206,858 31 OTHER GAINS/(LOSSES) - NET Group 2020 2019 RM’000 RM’000 Fair value gains/(losses) arising from fair value changes of: - Derivative financial instruments - Forward currency contracts 2,959 (896) - Investment in equity instruments (1) - 2,958 (896)