TUNG LOK RESTAURANTS (2000) LTD / Annual Report
2016
74
Notes to the financial statements
For the financial year ended 31 March 2016
16.
Interest in subsidiaries (cont’d)
(B)
Interest in subsidiaries with material non-controlling interest (NCI) (cont’d)
Summarised statement of comprehensive income
2016
2015
$
$
Revenue
28,664,010 22,584,865
Profit before income tax
2,157,567
1,144,357
Income tax benefit/(expense)
243,844
(138,269)
Profit after income tax, representing total comprehensive income for the year
2,401,411
1,006,088
Other summarised information
Net cash flows from operations
2,740,360
1,534,333
(C)
Disposal of a subsidiary
On 1 December 2014, the Group’s wholly-owned subsidiary, TLG Asia Pte Ltd (“TLG”) completed the disposal of
its interest in PT Ming Cipta Rasa (“PT Ming”) at its carrying value (the “Disposal”). The Disposal consideration
was fully settled in cash at $1.00, which was arrived at on a willing buyer and willing seller basis. The Group
retains 19% interest in PT Ming as at 31 March 2016, classified as available-for-sale investments, which
management has assessed to have no fair value as at the date of disposal and at the end of reporting period.
The disposed subsidiary contributed revenue of $1,438,000 and loss before tax of $2,830,000 for the financial
year ended 31 March 2014 and revenue of $1,528,000 and loss before tax of $1,462,000 for the financial period
from 1 April 2014 to the date of disposal.
