Hanoi, what mr. Dixon has said, is that in the second half of the Qantas accounting year, Qantas is going to earn 50% + 40% = 90% of last years entire profit in a mere six months.
In other words, the profits from 2008 onwards are going to be 180 percent of the previous years profits (allowing for extraordinary items). Now how can this be?
You can't have a slack six months and then make it all up unless there are extraordinary items. So either QF's profits are distorted by extraordinary items or profits are going to be double current levels, in which case the bid price is about right.