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Brightoil Petroleum Holdings publishes audited financial results for FY2017

14 Aug 2020

Hong Kong-listed oil and bunkering firm Brightoil Petroleum Holdings on Friday published its audited financial results for the financial year (FY) ended 30 June 2017, together with the comparative figures in previous year, which have been reviewed by the audit committee of the Company.

A summary of the respective financial year which ended 30 June (in HKD billion) is as follows:

FY2017 (HKD billion)FY2016 (HKD billion)
Cost of sales and services(61.308)(46.058)
Profit for the year 2.3782.013

“During FY2017, the group recorded an increase in gross profit of HKD 365 million or 18% increase as compared with the previous year. The increased gross profit was mainly attributed to the group’s core business segment which is International Trading and Bunkering,” said Brightoil.

“In the same year, external revenue of approximately HKD 22.703 million was generated from a major customer, which accounted for 10% or more of the group’s external revenue. 

“The revenue is attributable to the international trading and bunkering operation segment. No other customers of the group amounted for more than 10% of the group’s external revenue during these financial years.”

During FY2017, the group reported its international trading and bunkering business sold 15.62 million tonnes of crude oil and 7.19 million tonnes of fuel oil. The total sale volume amounted to 23.14 million tonnes, representing a year-on-year increase of 6%.

“From 1 January 2017 onward, the Port of Singapore had fully implemented the Mass Flow Metering (“MFM”) system for marine fuel oil delivery and the TR48 bunkering procedures, in order to regulate bunkering operations in the Port of Singapore and prevent various illegal practices during the bunkering process,” noted the group.

“The new regulations provided legitimate marine bunkering suppliers such as Brightoil an operating environment for fair competition while giving significant support for an elevated bunker margin in Singapore.

“In FY2017, the group has also purchased six bunker barges to meet the bunkering demand in Singapore, among which three 7,000 DWT barges and two 4,100 DWT barges were awarded certification of MFM system by the Maritime and Port Authority of Singapore. 

“The delivery of high-quality oil under the MFM system was well received and highly recognized by world class ship owners for the enhanced bunkering efficiency, which has significantly reduced complaints and disputes arising from quantitative differences and also increased the group’s revenue from Singapore bunkering business.”

It is also noted that the independent auditors of the group’s financial statements have added a disclaimer in the report that they are unable “to obtain sufficient appropriate audit evidence […] as to whether the consolidated financial statements have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.”

Trading of Brightoil’s shares on the Stock Exchange has been suspended since 3 October 2017.

The complete publication of Brightoil’s audited FY2017 financial results can be obtained here.

Earlier developments of Brightoil (since late 2017 to date) can be found in the search results here

Related: Brightoil release of outstanding financial results delayed by COVID-19
Related: Brightoil publishes unaudited financial results for FY 2017, 2018, 2019

Photo credit:
Manifold Times
Published: 14 August, 2020

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