"Mike, I don't understand. Look, I don't have your brain for...big deals!" - Frankie Pentangeli when confronted by Don Michael Corleone in Godfather IINot everyone has a brain for big deals and when writing in the matter vis-a-vis Airasia X and its IPO, I just could not believe it when I read this press release by Airasia Bhd.
You could say my jaw dropped.
Walking to the KTM komuter station on my way home yesterday, I was so engrossed just thinking to myself how in the world that could be in view of many skeptical opinions of the budget airline's "success" and by extension Tony Fernandes, an opinion which I also hold.
18 sen dividend, wow!
Perusing Airasia Bhd's 2012 annual report, I was resigned to the fact that it was indeed true.
Paying out Rm500 million in a single dividend is certainly something Airasia Bhd can shout about.
That is until I took a closer look at its income statement and lo and behold there is this little bit of info, see the screenshot below.
Minus Rm 1,160,370,000 from the net profit of Rm 1,831,338,000, and even though it is 20% higher than YE 2011 but taking into account forex gains again, then you get a clearer picture.
Its nothing to shout about but clever.
Clever and Tony Fernandes & Co, by virtue of their indirect holdings, pocket a cool Rm 115,200,00 from a bumped dividend.
Yes, I wish I had the brains for...big deals.
Airasia Berhad annual report 2012 source Bursa Malaysia.
In a related reading, Datuk Rocky wrote "Tony wants Khazanah to sack Malaysia Airports boss" and said, "I thought TMI made a mistake, that it was Tony Fernandez and not Tony Pua who made this call to the Government not to extend Bashir's contract"
Me, I am not surprised,
"I'm a huge admirer of Tony Fernandes" - Tony Pua