AIRASIA Bhd profit before tax increase 838%-but see these numbers

From the AirAsia Bursamalaysia announcement of results for quarter ended 30 June 2007:


The Group recorded revenue of RM432 million for the quarter ended 30 June 2007 ("4Q07"), 38% higher than the revenue of RM314 million recorded in the quarter ended 30 June 2006 ("4Q06"). The Group's profit before tax improved by 838% to RM130 million as compared to the restated profit before tax of RM14 million achieved in 4Q06.


From the notes to the accounts:


viii) Reclassification of revenue components
Fuel surcharge, passenger liability insurance and admin fees was previously classified as part of cost of sales. The Group has now reclassified these surcharges as part of revenue. The impact of the reclassification to the revenue component for the previous financial year and preceding year corresponding quarter is RM208.1 million and RM75.6 million respectively.


NOTE THAT NO FIGURE IS PROVIDED FOR THE QUANTUM INCLUDED IN THIS QUARTER'S EARNINGS

ALSO NO EXPLANATION HAS BEEN PROVIDED AS TO HOW ITEMS FORMERLY CLASSED AS "COSTS" CAN NOW BE CLASSED "REVENUE".




5. Unusual items due to their nature, size or incidence
The Group had disposed of 19 interest rate swaps on 12 June 2007 resulting in a gain from the sales of these swaps of RM73 million which is included in other operating income. As of the end of the financial year 30 June 2007, the Group has a total of 41 interest rate swaps.


14. Changes in Contingent liabilities Since the Last Annual Balance Sheet Date
In the previous financial year, the Group had disclosed the potential penalty payable in respect of late payment of certain withholding tax estimated to be RM10.4 million. The Company had applied for the waiver of this penalty and were of the opinion that the waiver application will receive due consideration from the government. During the financial year, the penalty waiver was finalised and settled for RM1 million

Therefore provisions for taxes payable would have been reduced by RM 9.4 million-this also would have contributed to the higher pre-tax profit.


FROM THE CASHFLOW STATEMENT


Cash generated from operations
Interest paid 105,413 ,000

Interest received 100,209 ,000

Yes,both interest paid and interest received was positive.

CEO Tony Fernandes has told THE STAR that the company has about RM1bil in cash and deposits for aircraft purchases, and that's equivalent to eight months with zero revenue.

(http://biz.thestar.com.my/news/story.asp?file=/2007/9/3/business/18762194&sec=business)

However according to the cashflow statement issued the Bursamalaysia :
*CASH AND CASH EQUIVALENTS AT END OF
FINANCIAL YEAR 30 June 2007: RM 5 74,346,000 AFTER receipt of RM 1 ,701,488,000 in term loans.

In the year ended 30 June 2006 the balance was RM 412,907,000 AFTER receipt of RM
1 ,170,932 in term loans.

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