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Brightoil's half year earnings soar

Brightoil's half year earnings soar
Hong Kong: Marine fuels and logistics services provider Brightoil Petroleum rode on rising bunker fuel prices to post a 63.8% year-on-year jump in interim net profit and almost doubled its revenue.

Privately-owned Brightoil collected net profit of HK$965.2m ($124.5m) in the six months ended 31 December 2011 compared to HK$589.2m in the same period of 2010.

The Hong Kong-listed firm generated revenue of HK$36.3bn in the six-month period, a 189.8% jump from HK$12.5bn a year ago.
Brightoil unveiled that its international supply and bunkering division's scale of activity “started to transform at the end of 2010 and the rate of development in 2011 saw the division increase revenues in the second half of 2011 by 190% and volumes by  97% compared with the same period in 2010.”

Average crude oil prices over the corresponding period in 2010 showed an increase of more than one-third, and prices have remained high during the second half of 2011, Brightoil noted. Brightoil highlighted a major achievement of becoming the second largest bunker supplier in Singapore in 2011, up from 34th position in 2010, given the competitive environment in Singapore where more than 80 registered suppliers compete in a market of 43m metric tonnes of sales last year.

“The market for bunker fuels in China also showed strong growth. Our presence in the key ports of South China and East China enabled Brightoil to increase our market share moderately and maintain our strong position,” the company said.
“While continuing to expand the sources of revenue, a key focus has been placed on risk management and control across all the business operations with particular attention to hedging and counterparty credit risk,” it added.

TAGS: Bunkering
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