last chance to buy under 80 cents, page-21

"I calculate 2010 profit then as $88m - basis started year at $247m, less $110m capital return = $137m, now $225m."

You're forgetting CAPEX ie. $20million to build a road to Murin Murin East, $3m to buy Mt Lucky tenements, a sixth autoclave.

CAPEX - "this requires the company to spread the cost of the expenditure over the useful life of the asset".

Those are cash investments rather that expenses, so they don't affect profit, but they do affect cash position.