73
ANNUAL REPORT 2014
NOTES TO
THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
21 Revenue
Group
2014
2013
$
$
Sale of goods
102,564,239 98,796,042
Revenue from construction contracts
29,174,806 42,703,587
Revenue from services rendered
6,044,112 8,065,116
Rental income
4,593,757 5,163,872
142,376,914 154,728,617
Sources of estimation uncertainty
Revenue and profit recognition on projects are dependent on estimating the eventual outcome of the
construction contract, as well as work done to date. Actual outcome in terms of total costs or revenue
may be higher or lower than estimated at the reporting date, which would affect the revenue and profit
recognised in future years. As at the reporting date, management considered that all costs to complete
and revenue can be reliably estimated.
22 Other income
Group
Note
2014
2013
$
$
Bad debts written back
–
3,665
Gain on disposal of investment property, net
(i)
4,758,331
–
Gain on disposal of property, plant and equipment
14,654
1,669
Government grants
251,526
195,141
Income from cafeteria
16,312
129,788
Interest income
7,280
29,108
Rental income
6,000
95,031
Others
487,822
495,170
5,541,925
949,572
(i)
The net gain on disposal of investment property amounting to $4,758,331 is derived after a
compensation amount of $6,452,159 paid to Toyochem Marketing Pte Ltd (“Toyochem”) in
accordance with the terms of the final and amicable settlement agreement entered with Toyochem
on 18 March 2014 relating to the litigation of the investment property as reported in the financial
statements for the year ended 31 December 2013.
