nomis5 - 8:15 am on Mar 8, 2010 (gmt 0)
That's a good point because semantics are involved here. Some people refer to net profit and then value a website as a multiple of that. I'm not sure if net profit is the profit before or after your drawings are taken into account.
Semantics aside though, people generally calculate the profit figure as income less expenses and the expenses don't include your drawings.
There are other factors in the calculation as well. Depreciation is one of them. Lots of other factors need to be considered if the income is large