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The Group's revenue for the current quarter three (3) months ended 31 December 2016 ("4Q2016") was recorded higher by approximately RM8.50 million, representing an increase of 184.90% as compared to the preceding year corresponding quarter ended 31 December 2015 ("4Q2015"). The increase in revenue was mainly due to the increase in sales of recycled oil products by 235.00% and new stream of revenue derived from recycled petrochemicals products in year 2016.
The administrative expenses has reduced by RM1.86 million as there was no impairment of inventory recorded during the current financial quarter as compared to an impairment of RM1.32 million recorded in the preceeding year 4Q2015.
Resulting from the above, the Group has recorded a profit before taxation ("PBT") for current quarter as compared to a loss before taxation ("LBT") reported in the 4Q2015.
For the FYE 31 December 2016, the Group's revenue has increased by RM4.28 million or 17.44% as compared to the FYE 31 December 2015 as a result of the increase in sales of recycled petrochemicals products.
The Group's gross profit margin stood at 29.63%, representing an increase of approximately 0.72% as compared to 28.91% recorded in the FYE 31 December 2015. The increase in gross profit margin was mainly due to the new stream of revenue generated from the sales of petrochemical products which yielded a higher gross profit margin.
The administrative expenses has reduced by RM2.51 million as there was no impairment of inventory recorded during the current financial year as compared to an impairment of RM1.32 million recorded in the preceeding year. In addition, there were also cost savings in the current financial year mainly from the reduction in staff cost and professional fee by 12.12% and 66.51% respectively.
Resulting from the above, the Group has recorded a PBT of RM1.04 million for current financial year as compared to a LBT of RM1.70 million in last financial year.
The outlook for the financial year ending 31 December 2017 remains challenging due to uncertainty of the oil prices and global economy. This in turn may affect the demand for the Group's products and services and correspondingly assert a downward pressure on the Group's revenue and margins. Nonetheless, the Group is constantly undertaking continuous enhancements in production efficiencies, overhead and production cost management. In addition, the Group intends to enhance its product offerings to overseas market, which is expected to generate better sales and profitability.