Tropicana Corporation Berhad Annual Report 2020

12. INCOME TAX EXPENSE (CONT'D.) Tax savings during the financial year arising from: Group 2020 2019 RM'000 RM'000 Utilisation of previously unused tax losses and unabsorbed capital allowances 13,208 55,871 The following are deferred tax assets which have not been recognised by the Group as they have arisen in companies that have a recent history of losses or in companies where future taxable pro t may be insuf cient to trigger the utilisation of these items. Group 2020 2019 RM'000 RM'000 Unabsorbed capital allowances 74,622 50,460 Unused tax losses 29,084 34,331 Other deductible temporary differences 20,915 44,757 124,621 129,548 In accordance with the provision in Finance Act 2018, the unused tax losses are available for utilisation in the next seven years, for which, any excess at the end of the seventh year, will be disregarded. Deferred tax assets have not been recognised in respect of unabsorbed capital allowances and unused tax losses because it is probable that the future taxable profit of certain loss-making subsidiaries would not be available against which the tax losses and unabsorbed capital allowances can be utilised. 13. EARNINGS PER SHARE Basic Basic earnings per share is calculated by dividing net profit for the financial year, attributable to owners of the parent, by the weighted average number of ordinary shares outstanding during the financial year. Group 2020 2019 RM'000 RM'000 Net profit attributable to owners of the parent 91,307 320,759 Number of shares ('000) 2020 2019 Weighted average number of ordinary shares for basic earnings per share computation 1,433,880 1,439,689 Basic earnings per share (sen) 6.37 22.28 Diluted Diluted earnings per share is calculated by dividing the net profit for the financial year, attributable to owners of the parent, by the weighted average number of ordinary shares and ICPS outstanding during the financial year adjusted for the dilutive effects of all potential ordinary shares. Group 2020 2019 RM'000 RM'000 Net profit attributable to owners of the parent 91,307 320,759 Number of shares ('000) 2020 2019 Weighted average number of ordinary shares for basic earnings per share computation 1,433,880 1,439,689 Effect of conversion of ICPS to ordinary shares 982,386 88,818 Weighted average number of ordinary shares for diluted earnings per share computation 2,416,266 1,528,507 Diluted earnings per share (sen) 3.78 20.99 There were no other transactions involving ordinary shares or potential ordinary shares since the reporting date and the date of authorisation of these financial statements. NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2020 ANNUAL REPORT 2020 TROPICANA CORPORATION BERHAD FINANCIAL STATEMENTS AND OTHER INFORMATION 210 211