Notes to the Financial Statements FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 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): Group Alam-PE Holdings (L) Inc. Bayou Wasco Insulation, LLC Boustead Wah Seong Sdn. Bhd. RM’000 RM’000 RM’000 2022 Summarised financial information As at 31 December Non-current assets 45,107 65,392 1,359 Current assets 8,157 40,188 7,145 Cash and cash equivalents 2,491 15,844 20,538 Non-current liabilities - (66,450) - Current liabilities (8,209) (61,957) (10,762) Non-controlling interest - - (14,349) Net assets/(liabilities) 47,546 (6,983) 3,931 Financial year ended 31 December Net loss (1,250) (9,411) (10,291) Other comprehensive income - - 1,010 Total comprehensive expense (1,250) (9,411) (9,281) Included in the total comprehensive expense are: Revenue 14,361 92 5,397 Interest income - - 335 Depreciation and amortisation (9,007) (7,580) (2,449) Interest expense - (1,113) (981) Tax expense - - (1,248) Integrated Annual Report 2023 230
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