A $5 million tax refund turned an operating loss into a profit for junior debt collector Repcol Limited. The firm reported a net profit after tax of $3.4 million for financial year 2008, compared to a $64 million loss in 2007.Major contributors to last year's loss was a $35 million fair value adjustment to purchased debt ledgers, $9 million in impairment losses and an $8.7 million share of net profits after tax from associates and joint ventures. The firm was obliged to sell a chunk of its collections portfolio to rival Credit Corp.A company turn around for Repcol may be too soon to call, but perhaps a corner has been turned, with a three per cent revenue increase to $5.7 million.Repcol said in a presentation published with the result that it is now tentatively looking for some acquisition targets with around $10 million at bank or on deposit, although no major due diligence has yet been undertaken.The company still resides in the penny dreadful sector of the market, with a handful of shares trading hands in the mid one cent range. The market capitalisation is $9 million.