Originally Posted by
MickG0105
Rex
FY23 Results. A statutory profit (that is correct, profit) after tax of $14.4 million.
In a master-stroke of creative accounting they decided that NJE, a business that they paid $48.18 million for, is worth $142.673 million (that is despite them having previously valued NJE at $77.645 million back in December 2022).
Fernangling aside, they lost $31.7 million. Passenger revenues collapsed by over 8.5 percent in the six months to 30 June.
Haven't bothered to read it, but did the pax numbers collapse year on year, or just since December, as the months from Feb to mid year are traditionally low times for Australian airlines.
Anyway is all has to be Audited by an independent agency for the ASX, so they can only be so creative.
Imagine how much more 'profit' they may have actually made if they had retained even 30% of the pilots that left and were able to operate normal services, rather than bleed profit to QF group.