Tax write-back lifts SuperBowl Q4 profit

SUPERBOWL Holdings fourth-quarter net profit more than doubled to $6.58 million from $3.18 million a year ago, boosted by a tax write-back.

The company reported $3.6 million in tax credit for the three-months ended Dec 31, 2013, against $313,000 in tax expenses a year ago. The tax credit was mainly due to the write back of $3.76 million in tax over-provision for prior years, SuperBowl said.

Profit before tax (PBT) was $2.97 million, down 14.8 per cent from the year-ago period, dragged by higher staff costs and a fair value loss.