Serial System Ltd. reported unaudited group earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported sales of $329,078,000 against $267,671,000 a year ago. Profit before income tax was $2,243,000 against $5,656,000 a year ago. Profit attributable to equity holders of the company was $1,027,000 or 0.11 cents per fully diluted share against $4,646,000 or 0.52 cents per fully diluted share a year ago. Net cash provided by operating activities was $35,594,000 against $17,389,000 a year ago. Payments for intangible assets (computer software license costs) were $6,000 against $33,000 a year ago. Payments for property, plant and equipment was $528,000 against $5,061,000 a year ago.

For the full year, the company reported sales of $1,221,562,000 against $1,036,062,000 a year ago. Profit before income tax was $15,145,000 against $20,857,000 a year ago. Profit attributable to equity holders of the company was $11,035,000 or 1.23 cents per fully diluted share against $16,085,000 or 1.80 cents per fully diluted share a year ago. Net cash provided by operating activities was $36,971,000 against $8,613,000 a year ago. Payments for property, plant and equipment was $1,745,000 against $5,968,000 a year ago. Payments for intangible assets (computer software license costs) were $278,000 against $280,000 a year ago. The higher profit is mainly due to higher gross profit earned from higher sales and benefits from continued cost efficiency and efficient inventory management. Net assets backing per ordinary
share based on the existing issued share capital as at the end of the period reported was 13.33 cents compared to 13.64 cents a year ago.

For the fourth quarter, the company reported impairment losses on goodwill arising from acquisition of subsidiaries of $180,000 compared to $386,000 a year ago.

The company Barring unforeseen circumstances, the group expects it will be profitable in 2016.