Tuesday, January 26, 2010

Mathematical and Economic Ignorance

From "Scottish Business Insider" and parroted by the never-surprised-by-their-incompetence at al-Beeb:

Profits at Scotland's main companies plummeted last year by 182%, according to a new analysis.

However, the number of the country's top 500 corporates that increased their profits was nearly as high as the number who saw them fall.

The steepness of the fall was due to the crises at the Royal Bank of Scotland and Halifax Bank of Scotland.

Profits can't fall, never mind plummet, by more than 100% before they stop being profits and start being losses ...

I suppose they mean that overall losses this year were 82% of last year's profits but it is too difficult to tell.

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