NOTES TO
THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2015
106
GKE CORPORATION LIMITED
ANNUAL REPORT 2015
15.
INVESTMENTS IN ASSOCIATES (cont’d)
Summarised statement of comprehensive income
GKE Metal Logistics
Pte Ltd and its subsidiaries
Maoming City Hung Ji
Construction Materials Co. Ltd
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Revenue
14,847
22,242
3,779
2,237
Profit/(loss) after tax from
continuing operations
31
2,274
(12)
(961)
Other comprehensive income
421
(69)
406
(35)
Total comprehensive income
452
2,205
394
(996)
16.
INVESTMENT IN JOINT VENTURE
The Group has 50% (2014: 50%) equity interest in a joint venture, Steadfast (HK) Co., Ltd (“Steadfast”)
that is held through a subsidiary, GKE Shipping Co., Ltd. This joint venture is incorporated in Hong Kong
and is in the business of building and chartering of vessels. The Group jointly controls the venture with
other parties under the contractual agreement and requires unanimous consent for all major decisions
over the relevant activities.
The Group’s commitments in respect of its interest in Steadfast are disclosed in Note 30.
Summarised financial information in respect of Steadfast based on its FRS financial statements, and
reconciliation with the carrying amount of the investment in the consolidated financial statements are as
follows:
