SINGAPORE (Mar 19): This week’s article comprises two sections. The first is a lesson on how we can be misled by reported financial numbers; the second is on our macro outlook for emerging markets.

Two weeks ago, Muda Holdings reported a set of fabulous financial results for its financial year ended Dec 31, 2017. Revenue grew from RM1.22 billion ($408.3 million) to RM1.45 billion, up nearly 19%, but pre-tax profit more than doubled from RM31.5 million to RM65.4 million. Even more impressive, net profit shot up from RM18.8 million to RM58.8 million, or by more than 200%.

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