notes to the financial statements
for the financial year ended 31 December 2014 (Continued)
40 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
2014
2013
2014
2013
RM'000
RM'000
RM'000
RM'000
Profit before tax
198,480
64,319
110,689
49,431
Calculated at the Malaysian tax rate of 25% (2013: 25%)
on profit before tax
49,620
16,080
27,672
12,358
Expenses not deductible for tax purposes
14,079
13,721
3,716
6,572
Income not subject to tax
(31,819)
(13,821)
(30,388)
(18,100)
Utilisation of previously unrecognised tax losses and
unabsorbed capital allowances
(3,828)
(305)
-
-
Current financial year deferred tax assets not recognised
25,952
17,108
-
-
Utilisation of tax incentives
(466)
(2,414)
-
-
Effect of different tax rates in other countries
293
32
-
-
Effects of changes in tax rates
(14)
(142)
-
-
(Over)/under provision in prior financial years
(3,389)
1,922
(319)
(70)
Share of associates and joint ventures results
(164)
519
-
-
Others
1,107
(674)
-
-
Tax expense recognised in profit or loss
51,371
32,026
681
760
41 EARNINGS 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
RM125,565,000 (2013: RM32,324,000) 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
2014
2013
’000
’000
Issued ordinary shares at 1 January
774,887
774,887
Effect of shares repurchased
(2,882)
(4,381)
Weighted average number of ordinary shares in issue
772,005
770,506
Basic earnings per ordinary share (sen)
16.26
4.20
147
Wah Seong Corporation Berhad • Annual Report 2014
