This article first appeared in The Edge Financial Daily, on November 24, 2015.

KUALA LUMPUR: Zelan Bhd recorded a 75.9% increase in net profit for the third quarter ended Sept 30, 2015 (3QFY15) to RM23.45 million from RM13.33 million a year ago, largely due to a RM26 million provision write-back and a RM15.9 million tax refund.

The write-back was on its provision for late payment interest charge on tax in Indonesia, while the tax refund was on tax paid in Indonesia; also contributing to the better results was a RM1.8 million tax refund from India, and higher unrealised foreign exchange gain of RM10.3 million, its filing with Bursa Malaysia yesterday showed.

Meanwhile, its latest quarterly revenue rose 49.1% to RM94.03 million from RM63.1 million in 3QFY14, contributed mostly by local projects as well as the Meena project in Abu Dhabi.

For the nine-month period (9MFY15), net profit was 34.08% or RM12.46 million higher at RM49.02 million, compared with RM36.56 million a year ago; its latest cumulative revenue was up 48.4% at RM297.13 million from RM200.21 million in 9MFY14.

Going forward, the group said it had taken positive steps to improve its performance through continuous assessment of internal and external risks and the implementation of strategies to control costs.

Shares in Zelan closed 0.5 sen or 1.82% higher at 28 sen yesterday, giving it a market capitalisation of RM232.4 million.