Ranhill returns to the black

PETALING JAYA: Ranhill Bhd returned to the black in the fourth quarter ended June 30, achieving a net profit of RM222.6mil from a net loss of RM744.3mil in the previous corresponding period due in part to “transactions arising from the migration exercise of (70%-owned unit) SAJ Holdings Sdn Bhd into the licensing regime under the Water Services Industry Act 2006.”

“Under the change, based on the group’s policy of estimating taxation liabilities, there is a reversal of deferred tax provisions which have been accounted for earlier that are no longer required due to the migration,” Ranhill said in notes accompanying its results.