I am pleased to report that Enviro-Hub delivered a solid performance in FY2016. Our growth journey is no doubt impacted by global events and a dynamic economic landscape, but despite operating in challenging times we managed to achieve stable results. Even though we recorded a 9% decrease in revenue to $103.9 million, gross profit for the year improved significantly by 41% to $21.3 million.
The increase in gross profit is mainly attributed to our property investment businesses, as a result of the increase in occupancy rates and reduction of property tax expense of the Group's commercial and industrial buildings during the year.
We believe in the power of partnership, and seek to strengthen the synergy we have with our valued business partners and associates. This is evident in our performance as gross profit was further improved by our construction business, attributed to our joint operation with SB Procurement Pte Ltd, which commenced since the second half of 2014. Gross profit was also enhanced by the reduction in gross loss incurred by the piling business in comparison to FY2015.
As the world continues to evolve, there is now a greater focus on sustainable development to protect the needs of the present without compromising the needs of future generations. This is testament to our foresight to build on the capabilities of our recycling business.
Our recycling business has performed satisfactorily during the year, where its segmental profit increased threefold from $0.9 million to $3.6 million. The improved performance was attributed to better margins achieved, gain on disposal of plant and equipment, as well as decrease in operating expense in FY2016. We believe the recycling industry will be the next frontier in global business as people enjoy the benefits of technological advancements, yet on the other hand suffer from the incidental hazards associated with it, which makes recycling activities an important and vital advantage for corporate sustainability.
The Group incurred a loss of $12.2 million for the current financial year. This was mainly due to the fair value losses for the industrial units held at 63 Hillview Avenue at approximately $17.2 million. However, this decrease was partially offset by the fair value gain of $4.5 million in PoMo, the commercial building at 1 Selegie Road based on independent valuation.
As at the end of FY2016, the Group's current liabilities exceeded current assets. However, management believes that the Group can continue to forge ahead and move towards a more stable future. This is based on strong financial support from our business partners, whose confidence are buffered by positive prospects and the Group's improved performance. We are focused on business longevity and will work together as one to overcome obstacles and achieve our goals
On behalf of the Board of Directors, I would like to express my appreciation to all our stakeholders for your unwavering dedication to Enviro-Hub. To our valued Board of Directors, thank you for your steadfast leadership that guides our way forward. To the management and staff, thank you for creating value with the work that you do. It is with your continued support that we are able to remain resilient, while at the same time build on our collective strengths to pave a new way ahead and ensure long-term growth.
Raymond Ng Ah Hua