He switched to Monarchy for a few minutes before going to Theo. People do that sometimes, do they sell the food on private as monarchy and then switch to theo?

Also why do you say far higher? Switch only lost 8m net. well, see:
Lost 8m
Jumped 60m net
60m / 1.2 = 50m net, if not theo
So gained 10m net and lost 8m net

Now there may have been some things like he lost some cash on hand, or some military tech, or whatever to make it break about even. But it doesn't seem to have been bad