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The Group posted a loss of RM241.8 million for FY 2015, after taking into account impairment loss of RM443.5 million. The impairment loss comprised impairment for property, plant and equipment and non- current assets held for sale of RM395.1 million, impairment for available-for-sale financial assets of RM25.2 million, impairment for investment in a joint venture of the RM2.7 million and share of impairment of a non- core asset at a joint venture of RM20.5 million. Excluding said allowances and impairments, the Group posted a profit of RM369.7 million for FY 2015.

Performance Review
For the financial year ended 31 December 2015, the Group generated total revenue of RM214.78million, an increase of RM92.65million when compared to the amount of RM122.13million in the corresponding financial year ended 31 December 2014.
The increase was mainly due to a full 12 months of revenue generated from the jack-up drilling rig, Perisai Pacific 101 (“PP 101”) for the financial year ended 31 December 2015 as compared to approximately 5 months in the previous financial year ended 31 December 2014 and higher conversion exchange rate.
Loss before tax (“LBT”) from the financial year ended 31 December 2015 amounted to RM688.15million, a decrease of RM716.02million when compared to the profit before tax (“PBT’) amount of RM27.86million attained in the corresponding financial year ended 31 December 2014.
The decrease in PBT was due to provision for impairment on plant and equipment of approximately RM689.91million and RM35.82million at consolidated level and joint venture level respectively.
Excluding the provision for impairment on plant and equipment, the Group generated profit before tax of RM37.58million for the financial ended 31 December 2015
Notwithstanding the impairment on the plant and equipment, the net asset per share of the Company is RM0.56 as at 31 December 2015.
For the current quarter ended 31 December 2015, the Group generated total revenue of RM55.25million, a decrease of RM0.52million when compared to the amount of RM55.77million in the corresponding quarter ended 31 December 2014.
The decrease was mainly due to discount on charter rate given to client in the drilling segment for the financial quarter ended 31 December 2015 as compared to the previous financial quarter ended 31 December 2014 but mitigated by higher conversion exchange rate.
Loss before tax (“LBT”) from the current quarter ended 31 December 2015 amounted to RM719.53million, a decrease of RM736.69million when compared to the PBT amount of RM17.16million attained in the corresponding quarter ended 31 December 2014.
The decrease in PBT was due to provision for impairment on plant and equipment as mentioned above.
Excluding the provision for impairment on plant and equipment, the Group generated profit before tax of RM6.20million for the financial quarter ended 31 December 2015.