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Brightoil Petroleum Holdings publishes unaudited financial results for 2H FY2017

18 Sep 2020

Hong Kong-listed oil and bunkering firm Brightoil Petroleum Holdings on Thursday (17 September) published its audited financial results for the financial year (FY) ended 31 December 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 31 December (in HKD billion) is as follows:

FY2017 (HKD billion) FY2016 (HKD billion)
Revenue 25.626 31.257
Cost of sales and services (24.675) (3.,043)
Gross Profit 951 1,214

During the six months ended 31 December 2017, the total revenue of the company decreased by approximately 18% from HK$31.257 billion (USD 4.073 billion) to HK$25.63 billion (USD 3.3 billion) for the same period last year, it said.

Brightoil explained that the decrease in revenue was mainly due to the decrease in sales volume of International Trading and Bunkering (ITB) business as well as the drop of oil price during the period of review.

The company recorded a decrease in gross profit of HK$263 million or 22% decrease as compared with the same period last year. The decreased gross profit was mainly attributed to Brightoil’s core business segment which is International Trading and Bunkering.

During the period under review, the company reported revenue from its international trading and bunkering business to be HK$24.035 billion, representing a year-on-year decrease of 19.1%.

The financing banks had tightened credit for the ITB business and thus reduced the respective business volume, it noted.

As disclosed in its announcement dated 1 August 2018, Brightoil said its ITB Business had been actively merging its traditional business with the e-commerce platform to achieve intelligent, transparent and light-asset operations.

During the period under review, the company owned 15 vessels including 5 VLCCs, 4 Aframax vessels and 6 bunker barges to provide marine transportation and bunkering services.

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

Related: Brightoil Petroleum Holdings publishes audited financial results for FY2017
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: 18 September, 2020

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