Fair Reporting On MAS?

On the Edge Financial Daily: MAS posts RM875.5m net profit in 2Q

On the Sun: MAS posts record RM676m net profit for Q2.

On Business Times: MAS in the black

On Star Business: Malaysia Airlines' Q2 profit highest ever despite economic crisis

Bottom line? Let me use this two lines from the Edge Financial Daily.

• The group recorded an operating loss of RM420.8 million in 2Q compared with profit of RM62.0 million a year ago mainly due to lower operating revenue in line with the declining trend in global travel and cargo movements resulting from the current economic downturn.
  
  Derivative gain/(loss) consisted of realised gain/(loss) on settlement of hedging contracts during the quarter and fair value changes due to movement in mark-to-market (MTM) position on outstanding hedging contracts at June 30, 2009 as compared to Jan 1, 2009.

An operating loss of rm420.8 million!

And our local media is talking about MAS back in black and with RECORD profits even!

Ahh... fair reporting.