|
13. |
INVENTORIES |
|
|
|
As of December 31, |
|
|||||
|
|
|
2017 |
|
|
2016 |
|
||
|
|
|
US$’000 |
|
|
US$’000 |
|
||
|
Raw materials and supplies |
|
|
32,278 |
|
|
|
24,382 |
|
|
Work in progress |
|
|
14,240 |
|
|
|
12,057 |
|
|
Finished goods |
|
|
39,460 |
|
|
|
31,489 |
|
|
Distributed products |
|
|
13,591 |
|
|
|
11,130 |
|
|
|
|
|
99,569 |
|
|
|
79,058 |
|
|
Allowance for inventories |
|
|
(2,364 |
) |
|
|
(1,651 |
) |
|
Total inventories at the lower of cost and net realizable value |
|
|
97,205 |
|
|
|
77,407 |
|
Inventories recognized as an expense during the year ended December 31, 2017, December 31, 2016 and December 31, 2015 amounted to $384,995, $356,263 and $364,662 respectively.
For the year ended December 31, 2017, the Company recognized allowance for inventory of $532 as an expense in cost of sales for inventories carried at net realizable value.
For the year ended December 31, 2016, the amount of $3,306 was credited to cost of sales when the circumstances, such as copper price fluctuation, that caused the net realizable value of inventory to be lower than its cost no longer existed.
For the year ended December 31, 2015, the Company recognized allowance for inventory of $1,481 as an expense in cost of sales for inventories carried at net realizable value.