NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 34 TAX EXPENSE/(CREDIT) (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 2022 2021 2022 2021 RM’000 RM’000 RM’000 RM’000 Profit/(loss) before tax 82,021 (100,341) 4,374 (1,308) Calculated at the Malaysian tax rate of 24% (2021: 24%) 19,685 (24,082) 1,050 (314) Expenses not deductible for tax purposes 33,063 32,903 4,507 5,671 Income not subject to tax (7,199) (10,397) (5,386) (5,465) Utilisation of previously unrecognised tax losses and unabsorbed capital allowances (17,898) (5,764) - - Current financial year deferred tax assets not recognised 3,881 2,451 - - Recognition of previously unrecognised deferred tax assets (14,467) - - - Reversal of previously recognised deferred tax assets - 617 - - Utilisation of tax incentives (170) (1,053) - - Effect of different tax rates in other countries 9,904 (600) - - Under/(Over) provision in prior financial years 5,232 535 (45) (416) Share of associates and joint ventures results 6,753 16,881 - - Others 107 117 - - Tax expense/(credit) recognised in profit or loss 38,891 11,608 126 (524) 35 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 loss attributable to owners of the Company for the financial year of RM6,300,000 (2021: RM107,484,000) by the weighted average number of ordinary shares in issue, after adjusting on the effects of treasury shares during the financial year. Weighted average number of shares Group 2022 2021 ’000 ’000 Issued ordinary shares at 1 January 774,888 774,888 Effect of treasury shares (577) (577) Weighted average number of ordinary shares in issue 774,311 774,311 Basic/diluted earnings per ordinary share (sen) (0.81) (13.88) As there are no potential ordinary shares issued by the Company, thus there is no dilution in earnings per share. Annual Report 2022 Wah Seong Corporation Berhad 185
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