Cathay Pacific 1998 Annual Report Download - page 45

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43
CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 1998
Notes to the Accounts – Profit and Loss Account
5. Taxation
The taxation (credit)/charge comprises:
1998 1997
HK$M HK$M
The Company and its subsidiary companies:
Hong Kong profits tax 557
Overseas taxation 128 161
Deferred taxation (note 15) (97) 161
Overprovision for prior years (163) (133)
(127) 246
Associated companies:
Hong Kong profits tax 22 44
Overseas taxation 11
(104) 291
Hong Kong profits tax is calculated at 16% (1997: 16.5%) on the estimated assessable profits for the year.
Overseas taxation is calculated at rates of tax applicable in countries in which the Group is assessable for tax. Tax
provisions are reviewed regularly to take into account changes in legislation, practice and status of negotiations.
6. (Loss)/profit attributable to shareholders
Of the loss attributable to the shareholders, HK$663 million (1997: profit HK$1,517 million) has been dealt with
in the accounts of the Company.
7. Dividends
1998 1997
HK$M HK$M
Interim dividend paid on 5th October 1998 of 3¢ per share (1997: 11.5¢) 102 394
Proposed final dividend of 7¢ per share (1997: 17.5¢) 237 592
339 986
8. (Loss)/retained profit for the year
1998 1997
HK$M HK$M
(Loss)/retained profit for the year attributed by:
The Company (1,002) 531
Subsidiary companies 61 26
Associated companies 60 151
(881) 708
9. (Loss)/earnings per share
Loss per share is calculated by dividing loss attributable to shareholders of HK$542 million (1997: profit
HK$1,694 million) by the daily weighted average of 3,384,278,752 (1997: 3,423,428,308) shares in issue throughout
the year.