Posted by francis5269 > 2014-03-12 11:56 | Report Abuse

Hi mr.chong,

1)when i check "other operating income" is 15386.

2)may i know how u get interest & dividend income bcs i still show variance 118.
dividend income received : 1088
interest income received : 2848
ttl Interest & dividend income : 3936

3)may i know how get the operation income?55066. bcs i check "Cash generated from operations" is 59593.

Posted by kcchongnz > 2014-03-12 13:07 | Report Abuse

1) I adjust this operating income by deducting the "gain from disposal of financial assets", interest and dividend income. I treat these as non-operating income which may be different from accounting rules. I do this for my valuation purpose using this subjective "true" operating income.

2) I got those from cash flows from operations. Do not worry about a small difference of just 118,000. It is insignificant considering the art of interpretation of financial statement and valuation.

3) This is because of the tweaking I did as in (1) above. I like to separate interest and dividend income and "Gain in disposal of financial assets" from operating income. I treat them as excess cash and not wanting to double count incomes. Again this is an art. Noting right or wrong.

Posted by francis5269 > 2014-03-12 21:58 | Report Abuse

hi mr.chong, thx for explanation...i like the word "art" u mentioned. it's really quite meaningful to me.i'm very appreciate it.

for (2), u said "Interest & dividend income"from cash flows from operations.

may i know how to get it? bcs i take dividend income from "CASH FLOWS FROM INVESTING ACTIVITIES"...sorry,im not good in accounting...

Posted by lching > 2014-03-12 22:14 | Report Abuse

how i wish Panamy also distributes its huge cash pile.

care to value Panamy, kcchongnz ?