Wah Seong Corporation Berhad Annual Report 2017

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 FINANCIAL STATEMENTS WAH SEONG CORPORATION BERHAD ANNUAL REPORT 2017 171 35 TAX EXPENSE (CONTINUED) The numerical reconciliation between the tax expense and the product of accounting profit multiplied by the statutory tax rate is as follows: Group Company 2017 RM’000 2016 RM’000 2017 RM’000 2016 RM’000 Profit/(Loss) before tax 122,605 (225,864) 23,017 7,220 Calculated at the Malaysian tax rate of 24% (2016: 24%) on profit/(loss) before tax 29,425 (54,207) 5,524 1,733 Expenses not deductible for tax purposes 28,779 33,602 3,199 8,283 Income not subject to tax (38,328) (23,323) (6,810) (8,516) Utilisation of previously unrecognised tax losses and unabsorbed capital allowances (3,508) (369) - - Current financial year deferred tax assets not recognised 10,363 32,142 - - Utilisation of tax incentives (1,971) (1,548) - - Effect of different tax rates in other countries 1,060 12,716 - - Effect of changes in tax rates (12,539) - - - (Over)/Under provision in prior financial years (4,064) 2,082 188 306 Share of associates and joint ventures results (1,093) 8,313 - - Others (162) (718) - (1,146) Tax expense recognised in profit or loss 7,962 8,690 2,101 660 36 EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY The basic earnings per share for the financial year has been calculated by dividing the Group’s profit attributable to owners of the Company for the financial year of RM113,021,000 (2016: loss of RM228,302,000) by the weighted average number of ordinary shares in issue, after adjusting for movements in treasury shares during the financial year. Weighted average number of shares Group 2017 ’000 2016 ’000 Issued ordinary shares at 1 January 774,887 774,887 Effect of shares repurchased (2,096) (2,076) Weighted average number of ordinary shares in issue 772,791 772,811 Basic earnings/(loss) per ordinary share (sen) 14.63 (29.54) As there are no potential ordinary shares issued by the Company, thus there is no dilution in earnings/(loss) per share.