NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 11 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): Alam-PE Holdings (L) Inc. Bayou Wasco Insulation, LLC Boustead Wah Seong Sdn. Bhd. Welspun Wasco Coatings Private Limited Other individually immaterial joint ventures Total Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 2021 Group’s share of results Financial year ended 31 December Group’s share of (loss)/profit (24,184) 3,249 (3,988) (433) 687 (24,669) Group’s share of other comprehensive income - - 254 107 - 361 Dividend receivable/received - - - - 360 360 12 CONTRACT ASSETS/(LIABILITIES) Net carrying amount of contract assets/(liabilities) is analysed as follows: Group 2022 2021 RM’000 RM’000 At 1 January - Contract assets 242,479 223,683 - Contract liabilities (133,314) (70,645) 109,165 153,038 Over time Revenue recognised in the current financial year - that was included in the contract liabilities at 1 January 103,561 41,814 - from additional contract assets and contract liabilities during the financial year 1,927,556 707,108 Less: Billings during the financial year (2,082,052) (663,371) (50,935) 85,551 Wah Seong Corporation Berhad Annual Report 2022 164
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