Eng - IOI Group

notestothefinancialstatements cont’d6 OPERATING PROFIT cont’dIn RM’000GroupCompany2003 2002 2003 2002and crediting:Allowance for diminution in value ofshort term investments written back 2,015 - - -Allowance for doubtful debts written back 431 80 - -Allowance for inventory obsolescencewritten back - 1,261 - -Amortisation of reserve on consolidation 778 77 - -Amortisation of discount on acquisitionof associates 2,485 2,515 - -Bad debt recovered 4 5,328 - -Gain on disposal of an associate 297 - - -Gain on disposal of investment properties 86 90 - -Gain on disposal of property, plantand equipment 672 2,458 296 345Gross dividend received from- other long term investments quoted in Malaysia 156 732 115 555- subsidiaries quoted in Malaysia - - 87,610 86,650- unquoted subsidiaries - - 91,901 26,494Realised gain on foreign exchange 6,104 4,028 122 -Rental income from plant and machinery 5,825 4,150 - -Rental income 50,788 45,828 61 -Contract cost of the Group recognised as an expense during the financial year amounted to RM11,041,000(2002 - RM6,822,000). Cost of inventories of the Group and of the Company recognised as an expenseduring the financial year amounted to RM926,384,000 (2002 - RM696,133,000) and RM17,092,000 (2002 -RM13,853,000) respectively.The estimated monetary value of benefits-in-kind received by the Directors of the Company otherwise thanin cash from the Group and the Company amounted to RM180,764 (2002 - RM161,000) and RM40,450(2002 - RM40,900) respectively.Operating profit derived from the discontinued operation amounted to nil (2002 - RM8,532,000).IOI Corporation BerhadAnnual Report 2003150bEmployee informationEmployee costs 312,937 162,784 41,286 37,079The total number of employees of the Group and of the Company (including Executive Directors) as at end ofthe financial year was 24,746 (2002 - 15,974) and 3,210 (2002 - 2,979) respectively.