NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 32 PROFIT FROM OPERATIONS (CONTINUED) Group Company 2022 2021 2022 2021 RM’000 RM’000 RM’000 RM’000 Profit from operations is stated after charging: (continued) Impairment loss on: - property, plant and equipment - 4,243 - - - investment properties - 3,545 - - - trade receivables 9,492 2,327 - - - other receivables 301 946 - - - amounts owing by associates 21,378 7,386 - 5 - amount owing by a subsidiary - - 2,560 232 - investment in a subsidiary - - 4,656 8,124 - investment in an associate 39,537 14,511 - - - investment in a joint venture 8,989 3,000 - - Allowance on slow moving and obsolete inventories 2,877 1,715 - - Loss on disposal of property, plant and equipment 690 36 - - Loss on foreign currency exchange: - realised 12,416 5,671 2,761 2,786 - unrealised 7,708 3,934 97 337 and crediting: Gain on disposal of: - property, plant and equipment 193 295 - - - assets classified as held for sale 5,150 18,082 - - - associate 2,142 - - - Gain on foreign exchange: - realised 7,292 8,674 - - - unrealised 18,977 9,805 - - Interest income 4,378 3,507 949 910 Reversal of impairment loss on: - trade receivables 2,643 3,342 - - - amounts owing by associates 108 - 43 - Reversal of allowance on slow moving and obsolete inventories 369 120 - - Government grants relating to income** 697 2,814 - - ** Government grants were introduced by the local government in various countries of which the Group operates from. This is a government subsidy granted to assist corporations who are economically impacted by the Covid-19 pandemic, with certain criteria to be met. Annual Report 2022 Wah Seong Corporation Berhad 183
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