Beware of window dressing

At first glance the company appears to be doing quite well, so why would management desire to bolster the actual pre tax profit of $133.1m to $256.9m, reflecting an eps of 31 cents by capitalising future tax benefits of $123.7m (from accumulated losses) as current profit and including it as an asset in the Balance Sheet? Had the operating profit of $133.1m been taxable, normalised eps would have been about 10 cents.
Perhaps the answer can be found in senior management's lack of confidence in the company's future prospects. At the beginning of the financial year management (KMP), held 7.6m shares. After being issued with a generous portion of performance rights, heavy selling left KMP with 1.1m shares. CEO Luke Tonkin was the biggest seller having disposed of 1.8m shares at a price that I understand to have been about $1.72.
Recalling the old adage that companies are run primarily for the benefit of management, and assuming they are not entirely stupid, I decided to follow their lead and reluctantly sold my sizeable parcel of shares at a loss.