Takeover potential, page-102

Better to read this one which can help you to understand. FY14, they got 20.1M profit and FY15 they got 2.2M profit because of Ocean Drover fire, without fire is 23.7M. You can see FY15, Welled ship got negative profit as huge repair and upgrade cost, Wellard export also got lower profit because of chartered third party vessel, so margin is lower.

So, if we count repair cost 7.7M for Ocean Swagman and Outback, chartered cost for third party vessel and waste time (one month) of Ocean Shearer from China to Brazil related cost (labor, depreciation, fuel, port), then profit of Wellard in FY16 should around 26-27M.