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Brightoil release of outstanding financial results delayed by COVID-19

02 Mar 2020

Hong Kong-listed oil and bunkering firm Brightoil Petroleum Holdings on Friday (28 March) said the release of its outstanding financial results has been delayed by the Coronavirus Disease 2019 (COVID-19).

The outstanding financial results relate to the publication of its annual results and interim results from the year ended 30 June 2017 to the year ended 30 June 2019, and the publication of the unaudited management accounts for the year ended 30 June 2017, 2018 and 2019 and six months ended 31 December 2017 and 2018 on 31 January 2020.

“As a result of the recent outbreak of Novel Coronavirus Disease and the consequential measures implemented by the government authorities of the People’s Republic of China (PRC), the Company’s current auditor (HLB Hodgson Impey Cheng Limited) cannot travel to PRC to perform any audit procedures on the Outstanding Financial Results,” it stated.

“The Company is therefore unable to publish the unaudited management accounts and interim results announcement for the six months ended 31 December 2019 and to despatch the interim report for the six months ended 31 December 2019 by 31 March 2020.”

Brightoil in early February 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. 

The company, in another business update, said it is planning the disposal of its entire oil trading and bunkering arm as part of its resumption plan; a much wider development when compared to an earlier announcement specifically stating disposal of Brightoil Petroleum (S’pore) Pte. Ltd. (BOPS).

BOPS stopped operating as an accredited bunker supplier at Singapore port since 5 February.

Related: Brightoil publishes unaudited financial results for FY 2017, 2018, 2019
Related: Update: Brightoil plans ‘disposal’ of entire international oil trading and bunkering business
Related: Singapore bunker supplier Brightoil Petroleum (S’pore) Pte. Ltd. to be disposed by parent company

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

 

Photo credit: Brightoil
Published: 2 March, 2019

 

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