NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023 (CONT’D) 15. TRADE RECEIVABLES AND CONTRACT ASSETS THE GROUP 2023 RM’000 2022 RM’000 Trade receivables 269,718 324,193 Contract assets in relation to property development (Note 16) 348,129 293,323 617,847 617,516 Less: Allowance for impairment losses (11) (11) 617,836 617,505 Allowance for impairment losses: At the beginning of the year 11 - Addition during the year (Note 32) - 11 At the end of the year 11 11 (a) The credit terms of the Group range from 14 to 60 (2022 – 14 to 60) days. (b) Other credit terms are assessed and approved on a case-by-case basis. 16. CONTRACT ASSETS/(LIABILITIES) The contract assets and contract liabilities as at 31 March 2023 and 31 March 2022 were not impacted by significant changes in contract terms. THE GROUP 2023 RM’000 2022 RM’000 Net carrying amount of contract assets/(liabilities) is analysed as follows:- At 1 April - contract assets 293,323 313,591 - contract liabilities (89,079) (72,963) Property development and construction revenue recognised on performance obligation during the financial year 1,072,721 861,650 Less: Billings during the financial year (969,321) (898,034) At 31 March 307,644 204,244 At 31 March - contract assets (Note 15) 348,129 293,323 - contract liabilities (Note 26) (40,485) (89,079) 307,644 204,244 INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 193
RkJQdWJsaXNoZXIy NDgzMzc=