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News / Business/ Brightoil publishes unaudited financial results for FY 2017, 2018, 2019

Brightoil publishes unaudited financial results for FY 2017, 2018, 2019

03 Feb 2020
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Hong Kong-listed oil and bunkering firm Brightoil Petroleum Holdings on Friday published its unaudited financial results for the financial year (FY) ended 30 June 2017, 2018, 2019, and six months ended 31 December 2017 and 2018 due to compliance with a listing rule of the Hong Kong Stock Exchange. 

“Rule 13.49(3)(i)(c) of the Listing Rules provides that where an issuer is unable to issue its preliminary results, it must announce its results based on the financial results which have yet to be agreed with the auditor (so far as the information is available),” it stated.

In short, the unaudited results for the respective financial years ended 30 June (in HKD million) are as follows:

FY 2017

  •         Revenue – 63,686
  •         Cost of sales & services – (61,308)
  •         Profit for the year – 1,144

FY 2018

  •         Revenue – 32,927
  •         Cost of sales & services – (31,491)
  •         Loss for the year – (200)

FY 2019

  •         Revenue – 3,421
  •         Cost of sales & services – (2,703)
  •         Loss for the year – (2,554)

“The Board wishes to emphasise that the information set out above is only based on a preliminary review and assessment on the unaudited management accounts of the Group and the information currently available for the Audit Committee of the Company and has not been confirmed, reviewed nor audited by the Company’s auditor,” states Brightoil.

“The Audit Committee cannot perform a comprehensive assessment on the Unaudited Management Accounts.

“The Board cannot guarantee that the unaudited financial results truly reflect the financial performance and condition of the Company and might be misleading if any potential adjustment has to be taken into account.

“Shareholders and potential investors should exercise caution when considering the above figures and when dealing in the securities of the Company.” 

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

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

Related: PricewaterhouseCoopers resigns as auditors of Brightoil Petroleum
Related: HKSE probes ‘management integrity’ of Brightoil Petroleum Holdings
Related: Brightoil faces $161 million claim from China Petroleum Pipeline Engineering
Related: Official: Dr Sit Kwong Lam leaves Brightoil Petroleum Holdings
Related: Petrolimex Singapore wins USD 30 million bankruptcy order against ex-Brightoil Chairman
Related: Hong Kong: Dr Sit Kwong Lam returns to Brightoil as Strategic Adviser

 

Photo credit: Brightoil
Published: 3 February, 2019

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