Brightoil Issues Positive Profit Alert

The company said that there was likely an improvement overalls across its business sectors.

Hong Kong-listed Brightoil Petroleum (Holdings) Limited Monday issued a Positive Profit Alert and is forecasting an increase in profit year-over-year for the fiscal year ending June 30, 2015.

The company said that a preliminary review of the company's financial accounts had found that the results are likely to stem from an "improvement of overall business sectors of the Group."

“In the past year, the Group responded proactively to the situation of dramatically plunged international oil prices and has achieved encouraging results," said Chairman Sit Kwong Lam.

"In the future, we will take valuable opportunities to continually develop our business, expand the development and production of our upstream oil and gas resources, and actively explore various viable ways to boost our oil and gas reserves as well as production, which would thereby reinforce our upstream operations."

He added that the aim is to develop the company into a international resource-based energy conglomerate.

Brightoil, who also noted that the Group is one of the largest marine bunkering service providers in  China, is also currently looking for a new Singapore-based Global Bunker Director, but had declined to comment further on the matter.

Earlier this year, it was reported that the company had achieved “steady growth” in the six months to December 31, 2014, with profit having risen 3 percent year-over-year to HK$561 million ($72.3 million).

Around the same time, the company also reportedly said that the OW Bunker-induced Singapore bunker credit crunch during the latter months of 2014 had been beneficial to its bottom line.