KUALA LUMPUR (June 27): Dolphin International Bhd, a palm oil machinery maker, will not reach out aggressively for new job orders in the financial year ending Dec 31, 2016 (FY16), to stay away from irrational competition.

Speaking to theedgemarkets.com after the group's annual general meeting today, its managing director Eric Low Teck Yin explained that as pricing for job orders are getting low currently, it would not be wise for Dolphin to risk its profitability in order to bid for these works.

"Instead, we are focusing on our existing orders, and R&D (research and development)," he said, adding that the group's prospect remained intact as crude palm oil is deemed a necessity to the world.

"This is not a good time to fight for more orders, because the profitability of these works may be low. And we do not want to have very high orders while not (being) able to reap profit from them," he said.

Low said Dolphin's financial results for FY16 are likely to be similar to FY15's.

"The market was very volatile last year, but things are stabilising now, especially the exchange rate. Our results may be similar to last year, but we will try our best to do better," he said.

Dolphin posted a net profit of RM2.86 million for FY15, halved from RM5.77 million in FY14, despite revenue growing by 22.28% to RM69.44 million, from RM56.78 million.

For the first quarter of FY16 (1QFY16), Dolphin's net profit shrank by 99.84% to RM5,000 from RM3.11 million a year ago, while revenue rose by 7.51% to RM11.42 million from RM10.62 million.