92
92
SINGAPORE SHIPPING CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2016
7.
TAXATION (CONTINUED)
Profits from qualifying shipping activities of the Group are exempted from income tax under the
provision of Section 13A of the Singapore Income Tax Act, Chapter 134.
As at 31 March 2016, certain subsidiaries of the Group have unutilised tax losses of approximately
US$20,177,000 (2015: US$18,411,000). The unutilised tax losses are available for carry forward
and set off against future taxable profits subject to agreement by the Comptroller of Income Tax
and compliance with the relevant provisions of the Income Tax Act. Deferred tax assets amounting
to approximately US$3,430,000 (2015: US$3,130,000) have not been recognised in the financial
statements because it is uncertain whether future taxable profits will be available against which the
aforementioned subsidiaries can utilise the benefits arising therefrom.
8. EARNINGS PER SHARE
The Group
2016
US$’000
2015
US$’000
(Restated)
Basic and diluted earnings per share is based on:
Profit attributable to owners of the Company
9,588
8,896
Weighted average number of ordinary shares in issue for
basic and diluted earnings per share (’000)
436,240
436,017
Basic and diluted earnings per share are calculated by dividing the profit attributable to owners of the
Company by the weighted average number of ordinary shares in issue during the financial year.
