I think EBITDA of $20m will deliver a pre-tax profit of, maybe, $10m given that last years Depreciation / Amortization figure was almost $10m and it won't be less this year.
If they have to include a conventional tax expense (last year reflected a tax benefit) of, say 30%, the after-tax profit may be around $7m.
Ann: FY24 Preliminary Unaudited Results & FY25 Outlook, page-44
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