WASCO BERHAD 266 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 27 GROSS REVENUE (CONTINUED) (b) Revenue from other sources (i) Rental income Rental income is recognised on a straight line basis over the lease term. (ii) Dividend income Dividend income is recognised when the right to receive payment is established. (iii) Interest income Interest income is recognised on a time proportion basis, taking into account the principal outstanding and the effective interest rate applicable. 28 COST OF SALES Group 2024 RM’000 2023 RM’000 Contract costs 2,094,426 1,857,055 Cost of goods sold 537,880 291,653 Direct operating costs relating to rental income - 11,140 2,632,306 2,159,848 Cost of sales mainly consist of raw materials consumed, subcontracting cost, cost of trading goods and services, freight and transportation charges, consumables and staff costs. Refer to Note 30 for further details. 29 OTHER LOSSES - NET Group 2024 RM’000 2023 RM’000 Fair value losses arising from fair value changes of: - Derivative financial instruments - forward currency contracts 9,976 1,374
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