Raffles Insitutep Xpo - Raffles Medical Group

RAFFLES MEDICAL GROUP
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NOTES TO THE FINANCIAL STATEMENTS (CONT’D)
19 PROFIT FROM ORDINARY ACTIVITIES BEFORE TAXATION
The following items have been included in arriving at profit from ordinary activities before taxation:
Group
2004 2003
$’000 $’000
Amortisation expense 51 57
Bad debts written off – 67
Contributions to defined contribution plans included in staff costs 3,973 4,788
Directors’ remuneration included in staff costs:
- the Company 2,161 1,834
- the subsidiaries 3,971 3,254
Directors’ fees:
- the Company 110 110
- the subsidiaries 20 20
Foreign exchange loss 237 9
Gain on disposal of property, plant and equipment (629) –
Interest income from fixed deposits and commercial notes (361) (308)
Interest paid and payable on:
- Bank loans 50 62
- Bank overdrafts 20 29
Inventories written off – 613
Loss on disposal of intangible assets – 29
Non-audit fees paid to auditors of the Company 64 14
Operating lease expense 8,486 7,447
Property, plant and equipment written off 108 365
Number of employees as at 31 December 997 1,160
20 INCOME TAXES
Group
2004 2003
Note $’000 $’000
Current tax expense
Current year 2,132 2,453
Underprovided in prior years 19 13
2,151 2,466
Deferred tax expense
Movements in temporary differences 307 (21)
Reversal of deferred tax asset 350 405
Reduction/(Increase) in tax rate 56 (80)
8 713 304
Share of tax of jointly controlled entity 93 (570)
Income tax expense 2,957 2,200