7. Investment in joint ventures and associates (cont’d)
The summarised financial information in respect of Sindo-Econ Pte. Ltd. and its subsidiary,
based on its FRS financial statements and a reconciliation with the carrying amount of the
investment in the consolidated financial statements are as follows:
Summarised balance sheet
Sindo-Econ
Pte. Ltd.
and its subsidiary
2015 2014
$’000 $’000
Current assets
14,535
5,536
Non-current assets
7,722
5,790
Total assets
22,257 11,326
Current liabilities
14,339 10,537
Non-current liabilities
2,300
–
Total liabilities
16,639 10,537
Minority interest
(186)
(25)
Net assets
5,432
764
Proportion of the Group’s ownership
50% 50%
Group’s share of net assets
2,716
382
Carrying amount of the investment
2,716
382
Summarised statement of comprehensive income
Sindo-Econ
Pte. Ltd.
and its subsidiary
2015 2014
$’000 $’000
Revenue
16,877
7,408
Cost of sales
(10,620)
(8,353)
Gross profit
6,257
(945)
Other operating income
65
–
Administrative expenses
(287)
(37)
Other operating expenses
–
(55)
Finance costs
(84)
–
Profit/(loss) before tax
5,951 (1,037)
Income tax expenses
(1,122)
–
Profit/(loss) after tax
4,829 (1,037)
NOTES TO THE FINANCIAL
STATEMENTS
For the financial year ended 30 June 2015
ASL Marine Holdings Ltd. /Annual Report 2015
118
