Hong Kong-listed Brightoil said the turnaround to profit is “primarily due to the improvement of a few business sectors”.
The company has noted significant contribution from its international trading and bunkering business, successful implementation of operating cost reduction measures across the group, an improvement of shipping business, and the Dina Gas Field delivering favourable results with stable production.
In the financial year ended 30 June 2013, Brightoil had posted an annual loss of HKD721.7m ($93.08m) due largely to a HKD709m loss on fair value change of derivative financial instruments and a 21% year-on-year drop in revenue.
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