34. CONTRACT LIABILITIES (CONT’D.) (a) Deferred license fees Group 2025 RM’000 2024 RM’000 Cost At 1 January 228,839 228,067 Additions 1,748 772 At 31 December 230,587 228,839 Accumulated amortisation At 1 January 101,863 96,692 Amortisation during the financial year (Note 9) 5,712 5,171 At 31 December 107,575 101,863 Carrying amount 123,012 126,976 Represented by: Non-current liabilities 117,300 121,805 Current liabilities 5,712 5,171 123,012 126,976 The deferred license fees refer to accrual and amortisation of license fees over 40 years which will expire on 9 October 2051. (b) Contract liabilities from property development Group 2025 RM’000 2024 RM’000 At 1 January 140,261 99,342 Revenue recognised during the financial year (126,994) (29,097) Progress billings issued during the financial year 123,601 70,016 Reclassification from contract assets 1,862 - At 31 December 138,730 140,261 Revenue from property development activities are recognised over time using the input method, which is based on the actual incurred cost to date on the property development project as compared to the total budgeted cost for the respective development projects. 357
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