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Trading and bunkering sales help Brightoil return to the black in H1

Brightoil Petroleum (Holdings) Limited has made a profit in the first half of its financial year 2017 as against a year-ago loss, thanks to revenue growth boosted by higher sales volume from its international trading and bunkering business.

Net profit for the first half ended 31 December 2016 was recorded at HKD412m ($53.09m) as against the loss of HKD523m in the same period of the previous year.

Revenue for the six-month period surged by 44.4% to HKD31.26bn due mainly to a 60% year-on-year rise in crude oil sales volume to 59.8m barrels and a 38% rise in fuel oil sales volume to 3.6m tonnes.

Brightoil also attributed the higher earnings to increased upstream oil and gas assets production and the recovery of oil price, but its marine transportation business made lower contributions.

The group’s upstream business consists of three oil and gas production projects, with two gas development projects in China’s Tarim Basin and one offshore oil development project in Bohai Bay.

Brightoil’s marine transportation business is supported by 15 vessels including five VLCCs, four aframaxes and six bunker tankers.

Looking ahead, Brightoil highlighted that it is continuing to work on expanding an integrated energy and financial e-commerce platform offering realtime data, information on delivery status and operational updates currently linked to Brightoil’s phyiscal supply operations in the ports of Singapore, Shenzhen, Shanghai and Zhoushan-Ningbo.

The group’s oil e-commerce platform – Brightoil Online – was launched at the beginning of 2016, and it has since been developed and upgraded in phases.

“The platform is to provide integrated marine services to shipping players including but not limited to shipowners, charterers, ship agents, shipping chandlers, crew managers, seamen, etc,” Brightoil said.

“We are looking forward to making e-commerce another profit center to support the sustainable development of our shipping segment,” it said.

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