MISC Annual Report 2017

NOTES TO THE FINANCIAL STATEMENTS MISC BERHAD | Annual Report 2017 236 17. INVESTMENTS IN JOINT VENTURES (CONT'D.) (b) During the current financial year, the Group discontinued the recognition of its share of losses of certain joint ventures as the share of losses of these joint ventures has exceeded the Group’s interest in these joint ventures. As such, the Group did not recognise its share of the current year losses of these joint ventures and the Group's cumulative share of unrecognised losses of these joint ventures amounted to RM24,534,000 (2016: RMNil). The following tables summarise the financial information of the Group’s material joint ventures, as adjusted for any differences in accounting policies and reconciles the information to the carrying amount of the Group’s interest in joint ventures. The material joint ventures for the current financial year are Malaysia Deepwater Floating Terminal (Kikeh) Limited ("MDFT") and Malaysian Vietnam Offshore Terminal (L) Limited ("MVOT") (2016: MDFT and Gumusut-Kakap Semi-Floating Production System (L) Limited ("GKL")). The summarised financial information of the material joint ventures are as follows: MDFT RM'000 MVOT RM'000 As at 31 December 2017 Non-current assets 1,412,749 260,500 Current assets 750 52,594 Cash and cash equivalents 2,628 137,816 Current liabilities (5,520) (94,162) Net assets 1,410,607 356,748 Year ended 31 December 2017 Profit after taxation/Total comprehensive income 244,747 65,078 Included in the total comprehensive income is: Revenue 449,670 205,416 Depreciation and amortisation (205,787) (59,102) Interest income 5 1,155 Interest expense - (4,311) Income tax expense (20) (923)