PIE Industrial Bhd reported unaudited consolidated financial results for the first quarter ended Mar. 31, 2016. For the quarter, revenue was MYR 119,725,000 against MYR 111,067,000 for the same period of last year. Profit before tax was MYR 2,656,000 against MYR 12,412,000 for the same period of last year. Profit for the period was MYR 2,104,000 against MYR 10,250,000 for the same period of last year. Basic earnings per ordinary share were 3 sen against 13 sen for the same period of last year. Net cash generated from operating activities was MYR 76,291,000 against MYR 21,124,000 for the same period of last year. Payment for property, plant and equipment was MYR 3,364,000 against MYR 3,790,000 for the same period of last year. The revenue was increased by MYR 8.658 million or 8% if compared to preceding year corresponding quarter. The increase was mainly attributable to higher demand from existing customers for all manufacturing activities but partly offset with lower revenue achieved by trading activities. Compared with the preceding year corresponding quarter, the profit before tax was decreased by MYR 9.756 million or 79%, which was mainly due to losses from foreign currency exchange transactions, higher operating expenses and lower proceed from scrap sales. However, the decrease in profit was partly limited by higher revenue achieved and reversal of slow moving inventories provision.

The company announced that barring any unforeseen circumstances, the group anticipate to achieve a flat performance for year 2016.