287 FINANCIAL STATEMENTS Integrated Annual Report 2025 NOTES TO THE FINANCIAL STATEMENTS 31 December 2025 23. SEGMENT REPORTING (CONT’D) Malaysia RM Australia RM Total RM 31 December 2024 Revenue 116,861,645 990,380 117,852,025 Total property expenses (14,384,417) (1,924,307) (16,308,724) Net property income 102,477,228 (933,927) 101,543,301 Investment revenue 1,885,072 - 1,885,072 Gain on disposal of investment property 1,000,000 - 1,000,000 Fair value written down of asset held for sale - (16,571,468) (16,571,468) Fair value adjustment on investment properties 10,134,121 - 10,134,121 Net investment income 115,496,421 (17,505,395) 97,991,026 Trust expenditure (1,098,173) (209,011) (1,307,184) Operating profit 114,398,248 (17,714,406) 96,683,842 Financing costs (38,608,988) - (38,608,988) Profit before tax 75,789,260 (17,714,406) 58,074,854 Tax 200,000 - 200,000 Profit after tax 75,989,260 (17,714,406) 58,274,854 Total assets 1,711,388,697 124,548,740 1,835,937,437 Total liabilities 781,260,575 1,133,814 782,394,389 24. CAPITAL MANAGEMENT The Group and the Fund manage their capital to ensure that entities in the Group and the Fund will be able to continue as going concerns while maximising the return to unitholders through the optimisation of the debt and equity balance. The capital structure of the Group and of the Fund consists of net debt (borrowings as detailed in Note 17 offset by cash and cash equivalents and unitholders’ fund of the Group and of the Fund (comprising unitholders’ capital and undistributed income). Gearing ratios are calculated based on the proportion of total borrowings to the total asset value in accordance with Securities Commission Malaysia (“SC”) Guidelines. The SC Guidelines require that the total borrowings of a fund (including borrowings through issuance of debt securities) should not exceed 50% of the total asset value of the Fund at the time the borrowings are incurred. Notwithstanding, the Fund’s total borrowings may exceed this limit with the sanction of the unitholders by way of an ordinary resolution.
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