NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023 (CONT’D) 11. INVENTORIES (CONT’D) (b) Properties under development for sale (Cont’d) THE GROUP 2023 RM’000 2022 RM’000 Development costs At beginning of the year 32,387 157,890 Costs incurred during the year 384,717 149,899 Transferred from properties held for future development (Note 11(a)) 41,608 24,194 Reversal of completed projects (356,793) (296,309) Property development cost written off - (3,153) Effect of movement in exchange rate (1,555) (134) At the end of the year 100,364 32,387 Cumulative costs 468,130 409,200 Cumulative cost recognised in profit or loss At beginning of the year (23,575) (124,725) Recognised during the year (538,193) (260,354) Unsold units transferred to completed properties held for sale (Note 11(c)) (20,369) (28,130) Reversal of completed projects 464,311 389,634 At the end of the year (117,826) (23,575) Carrying amount 350,304 385,625 (c) Completed properties held for sale THE GROUP 2023 RM’000 2022 RM’000 At beginning of the year 75,088 148,889 Unsold units transferred from properties under development for sale (Note 11(b)) 20,369 28,130 Disposals during the year (48,384) (101,931) Cumulative cost/Carrying amount 47,073 75,088 INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 187
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