GB,
There are many facets of the J* business that are puzzling and the lack of transparency in the accounts only hightens my interest. I suspect the industrial aims of J* make it almost impossible to see any real numbers. I do hear persistent rumours about members of the executive not convinced about J*/J* Asia/J* Int however it appears the elephant scrotum wins the day.
Many elements of the group are paid below market rates for "services contracted" to J*. It begs the question of transfer pricing??
- Freight
- Catering
- Maintenance
- IT support
- Flight Planning
- Personnel transfers
- Ground Handling
- Fuel
- Spares
- Aircraft purchases
- Simulator training
- EP and Cabin crew training
If these transactions were disclosed, both from a taxation and accounting perspective we could more accurately gauge the contribution margin. My hunch is that it performs well below the spin eminating from the mouth of Joyce or Dixon.