I know this is a bit old news now, but the reason PX was able to make such a stellar financial performance last year was due to pessimistic accounting predictions on the Kina/US$ rate for 2003.
I'm not sure what they eventually hedged at, but given the Kina went as low as $0.18 in November 2002, their budgetting for 2003 couldn't really have been much higher.
As it was 2003 saw the big K closer to 27/28 cents, so the budget figures turned out to be a lot better than anyone thought... hence the K45million profit.
The big question is what they've hedged on for 2004...? Anyone?