EJ, nope. Didn't cater to both. Royalties will reduce the profitability. But 20% prepayment won't affect profitability, it affects cash flow.
Any case, this back of envelope calculation was not meant to be precise, lots of estimation (exchange rate, revenue at 880/t, same cost as last quarter etc). The key message is we should report a profitability turnaround from quarterly losses to decent profit if we ship 10-13kt in Dec. Otherwise (if no Dec shipment) it would be close to breakeven or small profit. That's why it comes under the thread shipment.
