Cathay Pacific 1999 Annual Report Download - page 39

Download and view the complete annual report

Please find page 39 of the 1999 Cathay Pacific annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 65

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65

Notes to the Accounts – Profit and Loss Account
43CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 1999
7. Taxation
(continued)
Hong Kong profits tax is calculated at 16% (1998: 16% ) 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.
8. Profit/(loss) attributable to shareholders
Of the profit attributable to the shareholders, HK$1,460 million (1998: loss HK$663 million) has been dealt
with in the accounts of the Company.
9. Dividends
1999 1998
HK$M HK$M
Interim dividend paid on 4th October 1999
of HK¢3 per share (1998: HK¢3) 102 102
Proposed final dividend of HK¢27 per share (1998: HK¢7) 914 237
1,016 339
10. Retained profit/(loss) for the year
1999 1998
HK$M HK$M
Profit/(loss) for the year retained by:
The Company 444 (1,002)
Subsidiary companies 686 61
Associated companies 45 60
1,175 (881)
11. Earnings/(loss) per share
Basic earnings per share and diluted earnings per share are calculated by dividing profit attributable to
shareholders of HK$2,191 million (1998: loss HK$542 million) by the daily weighted average number of shares
in issue throughout the year of 3,384 million (1998: 3,384 million) shares and 3,407 million shares respectively
with the latter including the effects of the stock options.
1999 1998
Million Million
Weighted average number of ordinary shares used in calculating
basic earnings per share 3,384 3,384
Deemed issue of ordinary shares for no consideration 23 –
Weighted average number of ordinary shares used in calculating
diluted earnings per share 3,407 3,384