Ann: Quarterly Activities Report, page-4

My understanding is that BRL's share of revenue for the Jan-March quarter works out to roughly NZ$20 million per month ($61 million overall). And that the margin on coal sales is something better than 50 per cent (average cash costs $95 per ton at the port).

On that basis would I be right to conclude that the FY18 guidance of $90 million profit for the full year appears to be conservative ? Because my back-of-the-envelope math suggests that BRL's share of profits looks to be roughly $10 million per month.

Or is that only cash-flow without consideration for depreciation and so forth ?