WASCO BERHAD 238 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 10 INVESTMENT IN JOINT VENTURES (CONTINUED) The following table summarises the information of the Group’s material joint ventures and reconciles the information to the carrying amount of the Group’s interest in the joint ventures. The information has been adjusted to reflect the equity method of accounting, including fair value adjustments (continued): Group Alam-PE Holdings (L) Inc. RM’000 Bayou Wasco Insulation, LLC RM’000 Boustead Wah Seong Sdn. Bhd. RM’000 Other individually immaterial joint ventures RM’000 Total RM’000 2024 Reconciliation of net assets to carrying amount As at 31 December Group’s share of net assets 11,585 6,742 709 12,744 31,780 Goodwill 11,989 - - - 11,989 Less: Accumulated impairment loss (11,989) - - (9,810) (21,799) Reclass to other payables* - - - 4,686 4,686 Carrying amount in statement of financial position 11,585 6,742 709 7,620 26,656 Group’s share of results Financial year ended 31 December Group’s share of profit 1,656 6,328 156 510 8,650 Group’s share of other comprehensive income/(expense) - 651 (189) - 462 Dividend receivable/received 1,470 - - 174 1,644 * The Group is committed to make good its share of losses of the investment in joint ventures. Accordingly, other payables related to the losses are recognised.
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