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
Covid and the slump in oil prices substantially reduced gross profit margins for the company’s bunkering and electronics businesses, it said in a recent financial filing.
PDS creditors required to send in their names and addresses, with particulars of their debts and claims to Deloitte Singapore on or before 5 January 2021.
Kieran Michael C. Brown joins the bunkering firm with immediate effect.
‘The vessel will return back to operations soon,’ shipowner and operator Star Formula tells Manifold Times.
Irene Notias is the Founder, Managing Director, Sr. Bunker Fuels Broker of bunker broking firm Prime's Bunkersplus Services; she is also Course Director of a bunker buying training programme.
To ‘process crude oil and blend fuel oil’ and allow for third party merchant storage at acquired facility.
Associate Director at Helmsman highlights the need to stay up-to-date with latest protocols / measures introduced by MPA, with continuous education of Master and crew of the visiting vessel.
BunkerPlanner Lite is an attempt to educate professionals engaged in bunker decisions about the use of advanced technology in the decision process, explains BunkerMetric CEO Christian Plum.
Senior Associate at Clyde & Co offers guidance to protect shipowners and bunker tanker operators in the event opposing counterparty breaches Covid-19 protocols, resulting in Covid-19 transmission.
Having a surveyor’s watchful eye to detect illegal activities also sends a strong signal to barge and vessel crew not to undertake any intended non-compliance, states VPS Senior Sales Manager.
Bunker tanker owner’s trust in LR and Metcore’s expertise proves duo’s experience in bunkering MFMs and unceasing support made the difference in ensuring trust during bunker transactions.
‘To be clear, the activities undertaken by Ang outside of Sea Hub are categorically unrelated to the current non-active status of the company,’ Glen Lim, Shipping Director of Sea hub, tells Manifold Times.
