pbt vs pat

Hi Guys,

I am interested in other views on how PBT and PAT should be analysed for AMA.

In FY12 their PBT was $9.82m vs PAT of $7.9m (cont. ops).

The P&L is obviously the place to record tax accruing on current activities.

However, AMA has significant tax assets to use up from previous year's loses and thus - as I interpret it - will not pay any 'cash' tax to the Australian Tax Department for the FY12 year.

Whilst this affects the balance sheet asset (reducing the Tax asset) the cash effect is effectively that AMA made a 'net' profit of $9.82m for the year.

In other words still trades at a nice 'adjusted' 5.8 PE despite the recent SP moves...

Anyone agree/ disagree with the above?

Cheers
John