Tax Expense (Tables)

12 Months Ended

Dec. 31, 2018

Tax expense [abstract]

Schedule of income tax expense in the consolidated statements of profit or loss

	31/12/2016			31/12/2017			31/12/2018
	US$’000			US$’000			US$’000
Current tax expense
Current income tax charge		(19	)		(68	)		(41	)
Over/(Under) provision in prior years		10			(7	)		(75	)
		(9	)		(75	)		(116	)
Deferred tax expense
Relating to origination and reversal of temporary differences		(1	)		–			–
Total tax expense		(10	)		(75	)		(116	)

Reconciliation of effective tax rate	31/12/2016			31/12/2017			31/12/2018
	US$’000			US$’000			US$’000
Profit/(Loss) before tax		40,080			54,983			(35,339	)
Tax calculated using Singapore tax rate of 17% (31/12/2017: 17%; 31/12/2016: 17%)		(6,814	)		(9,347	)		6,008
Non-deductible expenses		(1,624	)		(1,209	)		(1,175	)
Income not subject to taxation		10,081			12,374			88
Deferred tax assets not recognized		(1,820	)		(2,013	)		(4,966	)
Utilisation of tax losses		–			–			(86	)
Tax rate differential		157			127			90
Over/(Under) provision of tax in prior years		10			(7	)		(75	)
		(10	)		(75	)		(116	)

Schedule of deferred tax benefits

	31/12/2016				31/12/2017				31/12/2018
	Gross amount		Tax effect		Gross amount		Tax effect		Gross amount		Tax effect
	US$’000		US$’000		US$’000		US$’000		US$’000		US$’000
Unutilized tax losses		75,296		12,800		88,043		14,968		114,326		19,436
Difference in depreciation for tax purposes		5,690		968		4,813		818		7,685		1,306
Provisions		1,008		171		977		166		1,036		176
		81,994		13,939		93,833		15,952		123,047		20,918

Schedule of deferred tax liabilities

	Balance as at 1 January 2017		Recognised in profit or loss			Currency translation difference		Recognised in other comprehensive income		Balance as at 31 December 2017		Currency translation difference			Balance as at 31 December 2018
	US$’000		US$’000			US$’000		US$’000		US$’000		US$’000			US$’000
Goodwill		289		–			12		–		301		–			301
Revaluation of building		–		–			–		1,142		1,142		(25	)		1,117
Others		8		(8	)		–		–		–		–			–
		297		(8	)		12		1,142		1,443		(25	)		1,418