An acquaintance has expertly pointed out an inaccuracy in my projections for lakelife EC project, and I’ve amended the figures accordingly. Basically, I’ve neglected to account for taxes to be paid for the project (nobody can tell the taxes, I’ve just assumed a 20% rate), and the loans to be repaid by the JV to BBR. So let me just do the consolidated figures again here: Breakeven price $727 psf Selling price $873 psf Estimated profit $(873-727) x 653,000 = $95.3mil (Assuming fully sold) Net profit after tax = $76.24mil (It is impossible to predict accurately the tax, I’d just assumed 20% which is on the high side to provide a MOS) After repayment of loans to shareholders = $76.24mil – $19.3mil = $56.94mil. BBR’s 35% stake = $19.9mil or 6.5cents/share This means upon TOP, BBR’s income statement will show a nice boost ......