Pg 147 - Berjaya Corporation Berhad

notes to thefinancial statements30 April 200610 PROPERTY DEVELOPMENT COSTSGroup2006 2005RM’000 RM’000At 1 May 2005/2004- freehold land 241,881 235,027- long leasehold land 115,302 116,645- development costs 361,431 498,026- write down of development costs (4,000) (4,000)714,614 845,698Costs incurred during the year:- freehold land 42 12,621- development costs 67,281 78,73767,323 91,358Costs recognised in income statement:- at 1 May 2005/2004 (435,941) (552,401)- recognised during the year (35,260) (99,548)- eliminated due to completion of projects 316,473 216,008- at 30 April 2006/2005 (154,728) (435,941)Transfers during the year:- from land held for development 9,331 350- to inventories (43,222) (6,784)(33,891) (6,434)Costs eliminated during the year due to completion of projects:- freehold land (118,867) (5,698)- long leasehold land (590) (1,396)- development costs (197,016) (208,914)(316,473) (216,008)Write-down of development expenditure during the year (204) -Carrying value at 30 April 2006/2005 276,641 278,673Included in the property development costs is interest capitalised for the year amounting to RM1,653,000 (2005: RM951,000).Development properties at carrying value of RM199,914,000 (2005: RM233,462,000) have been pledged to financial institutions forcredit facilities granted to the Company and a subsidiary company.11 INVENTORIESGroup2006 2005RM’000 RM’000At cost:Property inventories 79,338 37,385Stores and consumables 14,891 10,341At net realisable value:Property inventories - 36094,229 48,08666Annual Report 2006Berjaya Land Berhad (201765-A)