Bunker Sales Boost Brightoil Profits

by Ship & Bunker News Team
Wednesday February 8, 2012

Brightoil Petroleum (Holdings) Limited (Brightoil) is expecting to see a significant increase in its year on year profits for the six months to December 2011, its board said in a statement issued today.

The Hong Kong based multi-national, who has been actively expanding its marine bunkering network chain around the globe, said the profit increase was mainly attributable to a "significant increase" in the sales volume and revenues generated from its marine bunker supply, and sales of other petroleum products.

Increases were also seen in the operating and finance costs for supply and sales of both marine bunkers and petroleum products.

There was also an increase in fair value of derivative financial instruments for the hedging of physical inventory price risk as opposed to a decrease recorded for the six months ended 31 December 2010.

For the previous six months ending 30 June 2011, Brightoil's year on year revenues surged 190% to HK$39.55 billion, with gross profit increasing 63.4% to HK$2.45 billion.

Brightoil is mainly engaged in international supply and global marine bunkering chain business, oil storage, marine transportation, and oil and gas development and production.

Ship & Bunker News Team
To contact the editor responsible for this story email us at editor@shipandbunker.com