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Brightoil forecasts loss of US $57.6 million in 2H 2018

03 Feb 2019

Hong Kong listed Brightoil Petroleum (Holdings) Limited on Friday (1 February) issued a profit warning forecasting unaudited consolidated loss of HKD 452 million (US $57.6 million) for the six months ended (2H) 31 December 2018.

The losses were mainly due to reduced transactions from its International Trading and Bunkering (ITB) business which is mainly a result of tightening of bank trading facilities for ITB business, and depressed freight rates affecting the margins of its shipping business.

The company’s upstream business segment continued to record profits.

“However, the overall gross margin for the group is unable to cover the fixed costs incurred including depreciation, financing and other operating costs for the group, resulting in a loss,” it said.

Moving forward, Brightoil said it is in the process of preparing or finalising its results for 2H 2018.

Brightoil on Thursday (31 February) said the group has aggregate debts of approximately US$1.9 billion with claims of approximately US$250 million from several creditors.

Trading in the company’s shares on the Hong Kong Stock Exchange has been suspended since 3 October, 2017.

A chronologically organised list of articles concerning Brightoil’s potential debt reorganization is below:

Related: Brightoil aggregate debt has reached approximately $1.9 billion, it updates
RelatedBrightoil creditor claims amount to US $250 million, potential debt reorganisation
RelatedBrightoil to defend against winding up petition at Hong Kong court
RelatedSingapore: Brightoil to apply for six-month moratorium order at High Court
RelatedBrightoil oilfield project secures USD $700 million CNOOC funding
RelatedBrightoil: Plans to sell Zhoushan oil storage terminal, 15 vessels
RelatedShell to offload crude oil cargo from arrested “Brightoil Lion” tanker
RelatedBrightoil VLCC and Aframax tanker arrested at Singapore port
RelatedSingapore: Players to get fuel oil cargoes back from Brightoil bunker tankers
RelatedSingapore: Petrolimex v Brightoil case progresses to Pre Trial Conference
RelatedSingapore: Brightoil bunker creditor list growing with new firms
RelatedSingapore: Petrolimex owed over USD $30 million by Brightoil
RelatedBrightoil signals return to the shipping sector, starts reorganisation of debt
RelatedSingapore: Brightoil bunker tanker fleet placed under Sheriff’s arrest
RelatedSingapore: Toyota Tsusho Corporation seeking $21 million from Brightoil
RelatedQatar National Bank seeks USD $21.59 million debt from Brightoil

A chronologically organised list of articles regarding the trading halt of Brightoil on HKSE is below:

RelatedBrightoil: Independent adviser requests for more information
RelatedBrightoil: ‘Business as usual’ with HKSE’s new delisting rules
RelatedUPDATE: Brightoil Singapore introduces new Acting CEO
RelatedBrightoil: Singapore CEO resigns, trading halt continues
RelatedBrightoil continues suspension of trading activities
RelatedBrightoil: Delay in release of 2018 financial results
RelatedBrightoil: Update on suspension of trading

Photo credit: Brightoil Petroleum (Holdings) Limited
Published: 4 February, 2019

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