Asia/Pacific News
Brightoil Lifts Annual Bunker Volumes 14% But Revenues Plunge on Fuel Price Slide
Brightoil Petroleum (Holdings) Ltd. [HKG:0933] (Brightoil) has lifted its annual bunker sales volume by 14 percent, however plummeting prices saw revenues from marine bunkering plunge 66 percent, the company announced Tuesday in its full-year fiscal report for the period ending June 30, 2015.
The company said that cheaper bunkers had hit its financial results, with bunkerng revenues having slid to HKD 5.9 billion ($761.3 million) from HKD 17.7 billion ($2.3 billion) last year.
The company said that it attempted to compensate for cheaper bunkers by placing more emphasis on its marine transportation and upstream oil and gas businesses, which increased 44 percent to HKD 1.3 billion ($167.8 million) and 113 percent to HKD 1 billion ($129 million) respectively.
Overall, revenues have slid 12 percent to HKD 74.1 billion ($9.5 billion), while net profit has more than doubled to HKD 14 billion ($1.8 billion).
"Under such market sentiments, the Group took opportunities of the low oil price environment, actively controlled operating expenses of upstream businesses," the company said.
Brightoil said that its bunkering business, International Trading and Bunkering (ITB), would be focusing on Singapore, China, Taiwan, Korea, Japan and other Asia-Pacific markets as it sought to limit its exposure to the Greek crisis.
It added that despite a slowdown in the Chinese economy, its "crude trading team continued to work with big Chinese oil enterprises to develop long-term supply contracts, where sales volume growth of 55 percent was achieved over the previous fiscal year."
Earlier this month, the company issued a positive profit alert for the fiscal year results, with an "improvement of overall business sectors of the Group."
