Group profit after tax for the year amounted to USD 11.62 million. Excluding one-off gains in FY2015 from divestment of a leasehold property and our interest in associated company, CH Offshore Ltd, profit was 12% below prior year. Appreciation of the US dollar against Singapore and Australian dollars had impacted on our results as earnings faced translational and transactional pressures. Reduced market valuation of our listed equity investments was attributable to volatility in the financial markets. FY2016 results were significantly bolstered by property sales of the Toccata and Unison on Tenth projects, which more than offset the reduction in profit from electronics manufacturing services. Income recognition of property sales will continue to be staggered, as its timing is dependent on sale settlements upon the completion of respective development projects.
The Group has maintained a healthy financial position. Cash and cash equivalents as at 30 June 2016 amounted to USD 76.01 million, of which PCI Limited's cash and bank balances accounted for USD 27.91 million. Equity attributable to equity holders of the Company was reduced by 7.1% from prior year to USD 280.78 million.
Business environment was challenging as global economy continued to experience subdued growth during the year. There was increased volatility in financial markets, impacted by a drastic decline in oil and commodity prices, concerns over the slowing economic growth of China, unpredictable timing of interest rate movements and geopolitical unrest. These contributed to significant downward pressure on equity prices.
While there was reduced demand for investment properties in Perth, a low interest rate environment supported the continuing demand by owner occupiers for quality developments. Residual apartment units of our Toccata development which was completed in FY2015 were fully sold during the year. Stage 1 of our Unison project was completed in February 2016. Sales contracts secured for more than 50% of its apartment units have been settled. Softer global demand has impacted operating margins of the electronics manufacturing services business and elevated inventory levels. Results in the final quarter of FY2016 have reflected improvement in this business segment's profitability.
We have recorded our investment in Finbar Group Limited ("Finbar") as an associated company in alignment with financial reporting standard requirements. The share of its results contributed to the Group's profits from 1 January 2016. With the tightening of project financing by financial institutions in Australia, we have recycled our funds derived from the sale of Toccata and Unison on Tenth units as mezzanine loans in support of the ongoing Concerto and Unison development projects with Finbar.
As part of a targeted strategic approach to grow our property related investment portfolio to generate resilient long-term returns, we have redeployed funds towards a convertible loan to PSD Holdings Pte Ltd ("PSH") which has interests in 2 prime mixed-use development projects in Malaysia and Thailand through its wholly-owned subsidiary, Pacific Star Development Pte Ltd. We have also maintained diversification of our portfolio through investments in listed equities and unlisted funds. Such investments provide us the flexibility to rebalance our portfolio as opportunity arises.
We recognise our corporate responsibility and remain committed to positively impact the larger community. We have continued to support and contribute towards the Singapore Cancer Society and its fund raising activities. We have also sponsored various school projects and provided financial assistance to needy students to cater for their educational needs.
The Board is pleased to recommend a first and final tax exempt one-tier dividend of 1 SG cent per ordinary share for FY2016. This amounts to SGD 9.30 million, which represents a payout ratio of 67%. This is well beyond our declared 50% dividend policy.
Uncertainties with the pace of US monetary policy normalisation and financial stability of the oil and commodity sector are factors that may impact financial markets. Our strong balance sheet and adequate liquidity enable us to remain focused in our long-term strategy to diversify and grow our investment portfolio based on strong fundamentals, with a prudent disciplined approach, to derive capital gains and generate a steady and sustainable stream of earnings.
On behalf of the Board, I would like to express my deep appreciation to our shareholders, business partners and customers for their unwavering support and continued confidence in Chuan Hup. I would also like to thank my fellow Directors for their invaluable insight and counsel. Last but not least, I would like to thank the management team and employees for their dedication and commitment.