11. INVENTORIES Group 31.12.2023 RM’000 30.6.2022 RM’000 Raw materials 21,481 27,335 Work in progress 28,365 55,891 Manufactured inventories 12,096 3,938 Consumables 32,034 42,472 Crude oil 17,029 11,912 Spares 5,312 4,864 Trading merchandise in transit 8,902 1,558 125,219 147,970 Recognised in profit or loss: Inventories recognised as cost of sales 452,429 140,249 Write-down to net realisable value 1,146 1,323 Due to slow-moving and obsolete consumables, the Group tested the related product line for impairment and also wrote down the related inventories to their net realisable value, which resulted in a loss of RM1,146,000 (30.6.2022: RM1,323,000) in the financial period/year. 12. CONTRACT ASSETS/(LIABILITIES) Group 31.12.2023 RM’000 30.6.2022 RM’000 Contract assets At 1 July 58,760 56,985 Transfer to trade receivables (43,835) (41,350) Performance obligations performed 9,141 43,125 Allowance for impairment losses (14,934) (14,982) At 31 December/30 June 9,132 43,778 Allowance for impairment losses:- At 1 July 14,982 16,450 Addition during financial period/year 10 415 Reversal during financial period/year (58) – Reclassification to trade receivables – (1,883) At 31 December/30 June 14,934 14,982 Financial Statements DAGANG NeXCHANGE BERHAD 248 NOTES TO THE FINANCIAL STATEMENTS
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