PRG Holdings Berhad Annual Report 2019

PRG HOLDINGS BERHAD 144 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2019 cont’d 16. CONTRACT ASSETS/(LIABILITIES) Group 2019 2018 Note RM’000 RM’000 Contract assets Cost to obtain a contract 1,414 22,640 Property development contracts (b) 1,451 - Construction contracts (a) 2,760 3,085 5,625 25,725 Contract liabilities Construction contracts (a) (950) (2,442) Deferred income (1,159) (127) Property development contracts (b) - (57,343) (2,109) (59,912) 3,516 (34,187) (a) Contract assets and contract liabilities from construction contracts Group 2019 2018 RM’000 RM’000 Contract assets 2,760 3,085 Contract liabilities (950) (2,442) 1,810 643 At 1 January 643 1,387 Impairment of contract assets (28) - Termination of project 2,121 - Revenue recognised during the year 2,084 10,452 Progress billings (3,010) (11,196) At 31 December 1,810 643 Additions to aggregate costs incurred during the financial year include: Group 2019 2018 RM’000 RM’000 Employee benefits 912 1,107 Hire of plant and machinery 45 64 957 1,171