NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024 (CONT’D) 11. INVENTORIES THE GROUP 2024 2023 NOTE RM’000 RM’000 Non-current Properties held for future development 11(a) 721,223 773,536 Current Properties under development for sale 11(b) 406,991 350,304 Completed properties held for sale 11(c) 57,053 47,073 Operating supplies and materials 11(d) 45 237 464,089 397,614 Recognised in profit or loss:- Inventories of property development (Note 31) 23,662 48,384 Cost of property development recognised during the current financial year (Note 31) 666,961 538,193 Included in the development costs are interests on borrowings capitalised during the financial year of RM6,844,000 (2023 – RM8,759,000). Certain development properties amounted to RM181,959,000 (2023 – RM229,329,000) have been pledged to secure borrowings as disclosed in Notes 24, 25 and 28 to the financial statements. (a) Properties held for future development THE GROUP 2024 2023 RM’000 RM’000 Land, at cost At beginning of the year 579,869 596,870 Costs incurred during the year 98,703 69,850 Transferred to properties under development for sale (Note 11(b)) (113,527) (86,851) At the end of the year 565,045 579,869 Development costs At beginning of the year 193,667 206,090 Costs incurred during the year 39,123 32,414 Transferred to properties under development for sale (Note 11(b)) (69,531) (41,608) Property development costs written off (7,081) (3,229) At the end of the year 156,178 193,667 Cumulative cost / Carrying amount 721,223 773,536 FINANCIAL STATEMENTS MATRIX CONCEPTS HOLDINGS BERHAD 174
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