12. INVESTMENT IN A JOINT VENTURE (continued) The details of the joint venture are as follows: Interest in equity held Country of by subsidiary Name of company incorporation 2021 2020 Principal activities % % Trunet (Vietnam) Vietnam 50 50 Manufacture and marketing Co., Ltd. (“TNV”)* of meat netting * Audited by a member firm of BDO International. The joint venture, in which the Group participates, is unlisted separate structured entity whose quoted market prices is not available. The contractual arrangement stipulates unanimous consent of all parties over relevant activities of joint venture and provides the Group with only the rights to the net assets of the joint arrangements, with the rights to the assets and obligation for liabilities of the joint arrangement resting primarily with the joint venture. This joint arrangement has been classified as joint venture and has been included in the consolidated financial statements using the equity method. The summarised financial information of the joint venture, adjusted for any differences in accounting policies, are as follows: 2021 2020 TNV TNV Assets and liabilities RM’000 RM’000 Non-current assets 80 104 Current assets 2,368 3,039 Current liabilities (587) (315) 1,861 2,828 Proportion of the ownership of the Group 50% 50% Carrying amount of the investments in a joint venture 931 1,414 2021 2020 TNV TNV RM’000 RM’000 Results Revenue 4,053 3,549 Profit before tax 1,096 750 Tax expense (116) (81) Profit after tax 980 669 Other comprehensive income/(loss) 123 (62) Total comprehensive income 1,103 607 NOTES TO THE FINANCIAL STATEMENTS 137 P R G H O L D I N G S B E R H A D A N N U A L R E P O R T 2 0 2 1 31 December 2021 (cont’d)
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