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STAMFORD LAND CORPORATION LTD
Notes to the Financial Statements
23 Completed Properties for Sale
THE GROUP
2012
$’000
2011
$’000
Unsold properties at beginning of year 92,417 105,815
Currency translation 7,561 (3,475)
Transfer from properties under development for sale (Note 22) 239,640 –
Transfer to income statement on sale (205,206) (9,923)
134,412 92,417
Less: Impairment loss (2,602) –
Unsold properties at end of year 131,810 92,417
As at 31 March 2012, an impairment loss was provided for the unsold residential properties
in New Zealand based on an independent professional valuation. The valuation obtained was
based on the direct sales comparison method.
24 Inventories
THE GROUP
2012
$’000
2011
$’000
Finished goods 647 592
Consumables 1,407 1,266
2,054 1,858