TSX: ECO "EcoSynthetix" or the "Company" , a renewable chemicals company that produces a portfolio of commercially proven bio-based products, today announced its financial and operational results for the three months Q4 and twelve months FY ended December 31, Financial references are in U.
Comparison periods in each case are the three months and twelve months ended December 31, , respectively. Volumes were also up during the quarter with the particleboard manufacturer that is backward integrated with an international retailer. The momentum across these two key end markets, as well as Dow expanding the applications using our all-natural personal care ingredient, sets the stage for stronger growth. Industrial-scale change is always challenging but our binders are increasingly becoming a core ingredient to these manufacturers.
With this progress across our most important strategic opportunities the business enters in a strong position from which to grow. The higher volumes were primarily due to improved demand across all end markets and the higher average selling price was primarily due to favourable product mix. The higher volumes were primarily due to improved demand across all end markets. The lower average selling price was primarily due to lower manufacturing costs which were partially passed on to customers, as well as product mix.
The increase in the quarterly period was primarily due to higher volumes, a higher average selling price and lower manufacturing costs. The increase in the annual period was primarily due to higher volumes and lower manufacturing costs and was partially offset by a lower average selling price. Gross profit as a percentage of sales was Gross profit as a percentage of sales adjusted for manufacturing depreciation was The increase in the quarterly period for both metrics was primarily due to lower manufacturing costs and a higher average selling price.
The increase in the annual period for each one was primarily due to lower manufacturing costs partially offset by a lower average selling price. The change in the quarterly period was primarily due to foreign exchange losses and higher variable-based compensation and performance-based equity compensation. The change in the annual period was primarily due to increased variable-based compensation and performance-equity compensation as well as asset relocation costs associated with the Company's manufacturing footprint realignment project.
