Profit and Loss Information
|6 Months Ended|
Jul. 31, 2020
|Profit And Loss Information|
|Profit and Loss Information||
(a) Revenue from continuing operations
Disaggregation of revenue
The Group derives its revenue from the transfer of goods at a point in time. The table above provides a breakdown of revenue by major business line. The categories above depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic data. As disclosed in Note 7, the Group has three operating segments.
(b) Significant items
The loss for the half year was derived after (charging) / crediting the following items that are unusual and of significance because of their size, nature and incidence:
(c) Income tax expense
Income tax expense/(benefits) is recognised based on the parent company’s effective annual income tax rate expected for the full financial year. The annual tax rate used for the half year to 31 July 2020 is 28% (6 months to 31 July 2019: 30%). The Group has assessed future forecast profits and concluded that not enough criteria have been satisfied to recognise any deferred tax assets at the period ended 31 July 2020. Unused tax losses do not have an expiry date.
The major components of tax expense/(benefit) comprise:
The Group has tax losses of $179.7m (year ended 31 January 2020: $166.9m) that have not been recognised in the financial statements. The ability to use these losses to offset future profits is subject to shareholder and business continuity criteria in each local tax jurisdiction. During the comparative period, the Group de-recognised all deferred tax assets on timing differences carried forward from prior years, amounting to $701,000 after accounting for exchange rate differences.
The disclosure of profit (loss) from operating activities. [Refer: Profit (loss) from operating activities]
Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef