statutory profit $90m
underlying profit $267m
difference between the two figures
1/ stat profit is signed off by the auditors
2/ underlying profit is not signed off by auditors.
a mate of mine (accountant) has always said underlying profit is creative accounting by the in house bean counters as directed by the board. the most important part is 'underlying'. note the word 'lying', says it all.
imagine the screaming from QF if the ATO suddenly decided to use underlying profit as the taxable base, figures would suddenly change!
maybe word should be changed to 'overlying'