Foundation Limited entered into Contract Y, a fixed-price construction contract with no variable component, on 1 November 2017. Contract Y is considered to contain only one performance obligation which will be satisfied over time. While Foundation Limited believes that an input method that uses the percentage of completion based on costs incurred appropriately predicts performance under the contract, the outcome of the contract cannot be estimated reliably at 31 December 2017. Further details about Contract Y are:

Contract completion date 31 March 2019 Contract price (determined at contract inception) €5,000,000 Costs incurred to 31 December 2017 €400,000 Costs to complete €3,600,000 All costs are believed to be fully recoverable.

, Requirement Calculate the profit to be recognised in the statement of profit or loss and other comprehensive income of Foundation Limited for the year ended 31 December 2017 in respect of Contract Y.