Asia/Pacific News
Big Loss Looming For Brightoil
Hong Kong-listed Brightoil Petroleum (Holdings) Ltd (Brightoil) [HKG:0933] today issued a profit warning based on its preliminary assessment of unaudited management accounts.
For the three months ended September 30, 2012 Brightoil said "the Group has recorded a significant loss."
Decreasing bunker demand and the depressed shipping industry were cited as reasons for the loss, saying two of its core businesses, international trading and bunkering, and marine transportation, had "faced an extremely challenging market environment where demand and margin were poor."
Brightoil said it will continue to focus on the development of its core businesses, aim to reduce operating costs, and wait for opportunities when the shipping industry recovers.
Last month three senior members of Brightoil Petroleum's fuel oil team resigned, with Paul Bradshaw already having been confirmed as the new Regional Manager for OW Bunker Asia.
