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AL MAZAYA HOLDING COMPANY K.S.C. (CLOSED) AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2008
(All amounts are in Kuwaiti Dinars)
23.
Profit from sale of properties under development
Revenue from sale of properties under development
Cost of sale of properties under development (Note
10)
Profit from sale of properties under development
2008
2007
(Restated)
125,841,216
(81,903,536)
43,937,680
30,189,713
(18,981,788)
11,207,925
24.
Revenue from properties held for trading
Revenue from sale of properties held for trading
Cost of sale of properties held for trading (Note 6)
Profit from sale of properties held for trading
2008
27,270,162
(18,188,717)
9,081,445
25.
Management fees, commission and consultancy income
The Group acts as project manager for certain real estate properties owned by other parties through
developing, managing, and selling those properties. The Group charges those parties certain management
fees, commission and consultancy income against those services.
26.
Net investment income
Unrealized gain from changes in fair value of investments at fair
value through income statement (Note 4)
Realized gain on sale of investments at fair value through
income statement
Realized gain on sale of investments available for sale
Dividends income
2008
2007
310,134
325,077
541,965
534,183
379,951
42,582
347,082
574,637
1,579,132
1,476,479
27.
Impairment losses
Impairment loss on quoted investments available for sale (Note 7)
Impairment loss on properties under development (Note
10)
Impairment of goodwill (Note 2)
2008
6,861,476
24,986,342
18,813,250
50,661,068
28.
Provisions
Provision for investment in an associate (Note 8)
Provision for doubtful accounts (Note 5)
2008
1,500,000
16,346,304
17,846,304
34