In its presentation materials, Qantas preferred to focus on its own special measure for evaluating profit, its ''underlying'' profit before tax of $192 million. This $192 million was largely achieved thanks to a change in accounting policy that brought $134 million forward into the reporting period.
It got there by slicing off $86 million for asset impairments, $118 million for redundancies and restructuring, a $24 million write-down in intangibles - and by adding back a $30 million profit on the sale of an investment.
Without the sale of that investment, it would have shown a pre-tax loss of $13 million.
For excellent explanation read Michael White's article in the SMH.com