Asia/Pacific News
Low Crude Price Sees Brightoil Issue Profit Warning
Brightoil Petroleum (Holdings) Limited (Brightoil) Monday issued a profit warning for the period ending June 30, 2016, following what it described as "the significant drop of and the continuously low international crude oil price."
The company said the decrease was mainly attributable to the loss on the Caofeidian oilfields in China.
"The Company is in the process of finalizing the annual results for the year ended 30 June 2016. The information contained in this announcement is based on a preliminary assessment by the Company's management according to the unaudited management accounts of the Group and not on the audited information or figures reviewed by the auditors of the Company," Brightoil wrote.
For the period last year, Chairman Sit Kwong Lam at the time said the company had "achieved encouraging results" despite the dramatic fall for oil prices.
