WASCO BERHAD 248 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 16 AMOUNTS OWING BY/(TO) JOINT VENTURES (a) Amounts owing by joint ventures Group 2024 RM’000 2023 RM’000 Current Advances 142 146 Non-current Trade accounts 2,399 5,525 Interest bearing loans 41,620 52,843 Advances 14,236 1,989 58,255 60,357 Less: Allowance for impairment loss (45,845) (36,508) 12,410 23,849 During the financial year ended 31 December 2024, the amounts owing by joint ventures are considered performing except for certain interest bearing loans owing by a joint venture are deemed not performing. Accordingly, RM12,441,000 (2023: RM8,065,000) was impaired during the financial year. Trade accounts are unsecured and interest free. The Group’s effective interest rate of interest bearing loans as at 31 December 2024 is between 3.26% to 3.75% (2023: 3.26% to 3.75%) per annum. The loans and advances are unsecured and recoverable on demand. The movements in the allowance for impairment loss on the Group’s amounts owing by joint ventures during the financial year are as follows: Group 2024 RM’000 2023 RM’000 At 1 January 36,508 27,290 Impairment loss recognised 12,441 8,065 Effect of exchange rate changes (3,104) 1,153 At 31 December 45,845 36,508 The Group has no significant exposure to foreign currency risk for the amounts owing by joint ventures except for an amount of RM12,551,000 (2023: RM20,811,000) denominated in United States Dollar.
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