Asia/Pacific News
Brightoil Releases Delayed 2016-17 Results
Hong Kong-based Brightoil Petroleum has released its long-delayed results from the 2016-17 financial year.
The company was originally scheduled to publish the results by September 30, 2017, and its failure to do so led to trading of the company's shares being suspended in Hong Kong.
The company has since faced several years of legal proceedings, with founder Sit Kwong Lam being 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.
The results for the year to June 30, 2017 show net income for its bunkering unit of HK $1.169 billion ($151 million), up from HK $744 million the previous year. The company sold 7.19 million mt of fuel oil in the 2016-17 financial year, it said.
