Sunday, August 09, 2009
Why Idris Jala did not reveal and financial press not ask MAS operating loss?
It is impossible for the financial press to not ask about MAS operating profit. Unless MAS has transformed the company's core business into jet fuel arbitrage, the operating P&L remains relevant. Hmm ... MAS a jet fuel arbitrage company, that's a niche business idea.
It is from the operating profit that cashflow is generated to maintain the company as an ongoing concern and eventually turnaround MAS. Operating profit will translate into the net profit, God willing could be used to reduced any accumulated losses. Without operating profit, MAS will continually be sucking money from Treasury.
P Gunasegaran wrote here on similar issue raised in the previous posting. However, he did not picked up where we left off. Kalimullah's contemporary should ask why Idris witheld the information and the financial press including The Star did not ask?
It is simple. In fact, Idris used the same generic corporate trick before. By witholding the operating loss, the financial press will highlight on "capital gain" from hedging revaluation. Still, why did he do it?
Idris Jala reminded me of Tan Sri Nor Mohamad Yakcop's past statement to praise him as the best CEO money can buy. See the newspaper clipping below:
Wonder what made Nor Mohammad impress by the so-called turnaround done by Butcher from Shell?
Butcher merely reduced overhead by retrenching experianced Airliners but later hired young cikus with zero Airline experiance, placed them in numbers at various levels of management, and were paid much higher scale than the senior retrenched staff.
Butcher retrenched the experianced ones so that they are no more pain in his ass to nag him of his amateurish manner in running a full service Airline. He brought in lots of Ah Piow accountants from Ernst and Young whose got no shindick knowledge of Airline.
If there are consultants like Booz Allen Hamilton, McKinsey & Co. and Ethos Consulting, then you know Khairy and Tingkat 4 has their hand in it. For sure, Khairy and Zaki Zahid had a direct hand to change the National Aviation policy in favour of Airasia. Part of the money goes to MyTeam.
Idris did the predictable reorganising of routes. He intended to cut the not profitable routes but Khairy and the corrupt MCA Transport Ministers force them to give some profitable routes to Airasia. The routes cut the company's capacity, which means limiting capacity to generate profit potential for the future.
Is it a suprise MoF II could claim Idris as the best CEO money?
All along, MAS was not performing well operationally. Thus the second phase of the turnaround plan is to show MAS generating operating profits. That way he could get an extension on his contract.
For that he sold MAS buildings and assets locally and abroad. With the smart and manipulative accounting mind of Tengku Azmil, the capital gain appears on the operating profit column.
That's the past. It's too time consuming to display what happened with facts and figures. Coming to the question again, why did he unethically manipulated the results announcement?
See the headline by The Malaysian Insider with it's link below:
The link here.
Doesn't that explains everything? With the aviation industry at a loss, don't Idris Jala look impressive for being able to outperform the industry?
MAS Adviser is in slumberland to notice such small but relevent technicality. He is likely to say MAS did well when others' are losing. His cricle of people are still operating. Kalimullah, crony to sleepy and Nor Mohamad Yakcop assisted MAS with this lie with the hope to make sleepy look good. See the headline given by The Malaysia Insider.
The full report can be read at the link here.
This is a clear cut con job by Idris Jala, Tengku Azmil, and Kalimullah. If there is nothing coming from the authorities, then Tan Sri Nor and Tan Sri Azman Mokhtar is together in this lie. Khazanah has yet to turnaround MAS, Proton and Renong/UEM Group since they were first assigned to turnaround GLCs.
P/S MAS used this blog for it's internal Leadership High Development course to show the natural occurance of rejection towards new management. Hope they continue to do so and be sure to distribute this and previous postings. They need to prepare for another rejection because these postings will be send to high places.
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