NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024 (CONT’D) 43. FINANCIAL INSTRUMENTS (CONT’D) 43.1 FINANCIAL RISK MANAGEMENT POLICIES (CONT’D) (b) Credit Risk (Cont’d) (iii) Assessment of Impairment Losses (Cont’d) Trade Receivables and Contract Assets (Cont’d) Allowance for Impairment Losses (Cont’d) LIFETIME LIFETIME GROSS INDIVIDUAL COLLECTIVE CARRYING AMOUNT ALLOWANCE ALLOWANCE AMOUNT THE GROUP RM’000 RM’000 RM’000 RM’000 2023 Current (not past due) 82,147 – – 82,147 1 to 30 days past due 36,689 – – 36,689 31 to 60 days past due 13,845 – – 13,845 61 to 90 days past due 11,237 – – 11,237 More than 90 days past due 125,800 (11) – 125,789 Trade receivables 269,718 (11) – 269,707 Contract assets 348,129 – – 348,129 617,847 (11) – 617,836 The movements in the loss allowances in respect of trade receivables are disclosed in Note 15 to the financial statements. Property Development Segment The management is of the opinion that the amount owed by the purchasers is duly recoverable, due to the following reasons:- (i) The transfer of the property to the purchaser is subject to the full payment of the outstanding amount; (ii) Most of the purchasers have end financing arrangements, and payments are slow because of the credit processes of the end financiers; and (iii) In the event the sale is terminated for non-payment, the Group will be able to recover the property since the transfer of the property is subject to the full payment of the outstanding amount. FINANCIAL STATEMENTS 209 INTEGRATED ANNUAL REPORT 2024
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