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Brightoil H2 net profit flat at $72m

Brightoil H2 net profit flat at $72m
Brightoil Petroleum posted a slight increase in second half net income to HKD561.1m, ($72.4m) a slight increase of 3% from the HKD544.9m posted in the previous corresponding period while revenue rose 11% to HKD44.9bn from HKD40.3bn in the same period last year.

Revenue increased across three core business segments, International Trading and Bunkering, Marine Transportation and Upstream Gas Business. Upstream Crude Oil Business, being a new business segment added to the Group after the acquisition of Kerr - McGee China Petroleum Ltd which is engaged in development, production and sales of crude oil, was also a contributor to the increase in revenue of the Group.

Revenue from international trading jumped 30% to HKD38.7bn, making up a large chunk of revenue, while marine transportation income also rose 36% to HKD603.9m. Meanwhile the upstream gas business along with the new upstream crude oil business also continued to make nice contributions of HKD1.48bn to total revenue.