Naveed Yaseen replied on Friday, March 27, 2009 03:51 AM
Here is another one,,,
'Bakamal Loag, Lajawab Service': PIA annual loss swells to Rs 40 billion
Most of increment in losses, Rs 23 billion, comes through a single accounting entry 'exchange losses' described as following,,,
“...The companys exchange losses increased to Rs 24,118.823 million in this period against Rs 720.151 million in the same period previously”
This defies statistics in three different ways,,,
1) by change of absoluted magnitude in this figure (33 folds) between adjacent accounting periods
2) by change of relative proportions between sibling accounting figures
3) by net profit-loss probability of natural moves in forex market
Point 3 explained further,,,
presuming ALL of PIA revenues (Rs 89 billion) were received in rupees at lowest forex rate Rs60 per dollar, and ALL of PIA's expenditures (Rs 94 billion) were paid in dollars at highest forex rate Rs85 per dollar, even then it hardly matches such huge exchange loss.
In reality most of revenues/expenses of PIA do not cross foreign exchange boundary. And those places where their money does cross foreign exchange boundary, those transactions are distributed evenly in time and direction, with some crossings of revenues and expenses canceling out each other. The statistical residue being extremely unlikely to be Rs 24 billion.
It appears some guys may be tampering dates of transactions in collusion with some financial institution(s),,, declaring low market times for dollar-to-rupee swaps and high market times for rupee-to-dollar swaps,,, pocketing the difference between tampered times of entries and real times of transactions. |
