Brightoil Petroleum posted a strong first-half results as the company continues expanding its bunker supply chain and new upstream business, Seatrade Asia online reports. First-half net profit rose 14.6% to HK$1.3bn ($166.7m) compared to HK$1.1bn in the same period of last year.
Revenue jumped to HK$39.6bn during the period compared to HK$13.6bn in the corresponding period of 2010.
Hong Kong-listed Brightoil currently operates in nine major ports worldwide: Shenzhen, Shanghai, Ningbo, Zhoushan, Hong Kong, Singapore, Rotterdam, Tanjung Pelepas and New Orleans.
It has also completed the full development of the Tuzi Natural Gas Field in northwest China, including drilling, facilities, road access and so forth.
Brightoil expects a challenging outlook due to the macroeconomic weakness in the main markets of the US and Europe as well as likely softening in the growth rates in China and other emerging markets.
“Political instability in North Africa and the Middle East could provide additional challenges and volatility in prices that are being monitored carefully,” it said.
Revenue jumped to HK$39.6bn during the period compared to HK$13.6bn in the corresponding period of 2010.
Hong Kong-listed Brightoil currently operates in nine major ports worldwide: Shenzhen, Shanghai, Ningbo, Zhoushan, Hong Kong, Singapore, Rotterdam, Tanjung Pelepas and New Orleans.
It has also completed the full development of the Tuzi Natural Gas Field in northwest China, including drilling, facilities, road access and so forth.
Brightoil expects a challenging outlook due to the macroeconomic weakness in the main markets of the US and Europe as well as likely softening in the growth rates in China and other emerging markets.
“Political instability in North Africa and the Middle East could provide additional challenges and volatility in prices that are being monitored carefully,” it said.