Asia/Pacific News
Brightoil Releases Unaudited Results Showing $329 Million Loss in 2018-19
Hong Kong-based Brightoil Petroleum (Holdings) Ltd has released unaudited financial results for the past three years showing its journey from a profit of HK$1.144 billion ($147 million) to a loss of HK$2.544 billion.
The results, released on Friday, show a profit of HK$1.144 billion in the year to 30 June, 2017, a loss of HK$200 million the next year and a loss of HK$2.544 billion in the year to 30 June, 2019.
Brightoil's founder and CEO Sit Kwong Lam was forced to step down in April 2019 after being declared bankrupt.
The company has auctioned off its bunker barge fleet, and intends to refocus on the upstream oil business as it restructures itself.
Brightoil dropped to second from bottom in Singapore's list of bunker suppliers by volume last year, to 44th place from 28th place a year earlier.
