Reduced earnings from sale of the Southern Cross Towers?, page-3

Yes, you're right. I've now applied the same logic to the expenses. Very roughly things look like this:

Income reduced by $32M to $65M and expenses reduced by $20M to $41M, therefore profit of $24M (down from $34M).

I guess I'm just getting a handle on the possibility that BPA's ability to generate income (and profit) has diminished by roughly 30% since Dec 2015 and yet the share price currently sits 17% higher.

But... their debt levels have decreased after the sale, and their cash levels have increased so I suppose I need to factor those in as well. I'm open to any suggestions on how an increase in book value should be factored in!