RHG finds extra $20m

RHG Home Loans will report a higher profit than expected for the 2010 financial year.

The listed home loan group, previously known as RAMS Mortgage Corporation, originally advised the market it would see a net operating profit after tax of between $65m and $75m.

However, in an announcement to the Australian Stock Exchange yesterday, the group said due to a contingent income tax asset, that profit would now be between $86m and $96m.

RHG received an amount of $21.2m from the Australian Taxation Office in regards to the contingent income tax asset, and plans to add this to its 2010 bottom line.