Page 57 - ar2012

53 Annual Report 2012
Notes to the Financial Statements
30 September 2012
4 Revenue
Group
2012
S$
(Restated)
2011
S$
Sale of development properties:
- Recognised on a percentage of completion basis 18,245,106 18,305,336
- Recognised on a completed contract basis 37,727,358 12,106,000
55,972,464 30,411,336
5 Other Operating Income
Group
2012
S$
2011
S$
Dividend income 3,295 7,162
Fair value gain on investment properties (Note 12) 10,282,029 2,150,630
Fair value gain on fnancial assets, at fair value through proft or loss 50,126 -
Gain on disposal of fnancial assets, at fair value through proft or loss - 1,627
Gain on disposal of property, plant and equipment 10,000 -
Management fees 24,000 24,000
Rental income 533,622 432,548
Forfeit of deposit received for sale of development properties for sale - 94,721
Others 57,569 34,053
10,960,641 2,744,741
6 Finance Costs
Group
2012
S$
2011
S$
Interest expense on:
- Finance lease liabilities 9,181 5,910
- Borrowings 193,367 490,626
202,548 496,536
7 Proft before Income Tax
This is arrived at after charging the following items:
Group
2012
S$
(Restated)
2011
S$
Cost of development properties for sale 35,928,345 19,376,969
Administrative expenses:
- Depreciation of property, plant and equipment 140,720 125,478
- Fair value (gain)/loss on fnancial assets, at fair value through proft or
loss (50,126) 42,758
- Audit fees paid/payable to the auditors of the Company 146,358 132,291
- Non-audit fees paid/payable to the auditors of the Company - -
- Exchange loss 1,942 5,163
Other operating expenses:
- Bad debts written off for other receivables - 3,261