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Brightoil skims over turbulent market to more than double FY15 profit to $179m

Brightoil skims over turbulent market to more than double FY15 profit to $179m
Brightoil Petroleum has ridden the turbulence in the oil market well, posting a full year 2015 profit of HKD1.39bn ($179.4m), more than double the HKD599.3m in the previous corresponding period.

Revenue fell 12% to HKD74.10bn from HKD84.51bn previously. Brightoil attributed the decrease in revenue to the decline of petroleum product prices.

Although sales volumes from the International Trading and Bunkering (ITB) segment increased by 14%, revenue decreased by HKD13.10bn as the sharp decline of petroleum product prices offset the effect of increase in sales volumes, Brightoil said.

An increase in revenue from the Marine Transportation and Upstream Oil and Gas businesses by HKD334.5m and HKD2.36bn respectively however helped offset some of the drops in revenue from ITB as Brightoil's integrated supply chain of upstream and downstream businesses created a synergy effect.

Among the segments, the Upstream Oil and Gas business did extremely well, with pre-tax profit increasing more than six times to HKD2.24bn, from HKD339.8m previously.

The Marine Transportation business saw pre-tax profit rise 92% to HKD518.4m from HKD269.9m in the previous corresponding period, while as expected, the ITB segment saw a slight 15% fall in gains to HKD790.9m from HKD931.7m previously.

TAGS: Tankers