We believe that the use of this non-IFRS measure facilitates investors’ assessment of our operating performance from period to period and from company to company by backing out potential differences caused by variations in items such as capital structures (affecting relative finance or interest expenses), the book amortization of intangibles (affecting relative amortization expenses), the age and book value of property and equipment (affecting relative depreciation expenses) and other non-cash expenses (affecting one-time transition charges). We also present this non-IFRS measure because we believe this non-IFRS measure is frequently used by securities analysts, investors and other interested parties as measures of the financial performance of companies in our industry.

The following is a reconciliation of profit after tax to EBITDA:

(Amounts in USD)
  Six months ended

30 Sep 2012
  Six months ended

30 Sep 2011
  Three months ended

30 Sep 2012
  Three months ended

30 Sep 2011
Profit after tax $ 6,576,346 $ 2,558,412 $ 3,304,492 $ 844,225
 
Add: Income tax expense 2,366,989 502,601 1,165,074 (179,860 )
Add: Finance costs 10,658,978 10,811,798 5,320,478 5,418,706
Add: Depreciation and amortization 937,322 1,086,309 476,424 547,303
 
EBITDA $ 20,539,635 $ 14,959,120 $ 10,266,469 $ 6,630,374
 

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