Brightoil blamed the "extremely challenging market environment due to low market demand and weaker net margin" for the decrease in revenue to HKD55.4m from HKD69.9m previously.
The International Trading and Bunkering (ITB) and Marine Transportation (MT) businesses were still the major contributors to the group's financial performance.
Revenue from the key trading and bunkering business fell to HKD54.4m from HKD69.6m previously amid sluggish demand from a weak global economy. Margins were pressured by intense competition in the China and Singapore bunker markets, Brightoil said.
Through the continuous enhancement on trading flexibility and improving operating efficiency, the MT business managed to boost revenue by almost two and a half times to HKD621.3m despite the tough market conditions. It also successfully negotiated a 10-year contract of affreightment deal with China's Unipec.
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