Asia/Pacific News
Significant Profit Decline Warning for Brightoil
Hong Kong bunker group Brightoil Petroleum (Holdings) Limited (Brightoil) has issued a profit warning for its forthcoming financial year end.
The profit warning, made on Monday morning, stated that the board wished to inform investors that net profits for year ending June 30, 2012 are expected to "decrease significantly" when compared to the previous year of operations.
The board advised that the reason for the decline was a mixture of decreased profit margins, a loss in investment value and an overall increase in operating costs.
Brightoil, which owns assets of about RMB 10 billion and and employs over 1000 people, has recently been a strong buyer in the Asia fuel market picking up 100,000 tonnes of the 180,000 tonnes traded on the May 380-centistoke (cst) contract.
The company has near future plans to expand its oil depot and wharf facility, making full use of its current marine and onshore resources.
