Brightoil announces annual results
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Brightoil Petroleum (Holdings) Limited today announced its annual results for the twelve months ended 30 June 2014, the company said in its press release. For FY2014, profit attributable to the owners of the Group reached HK$599.3 million, representing a substantial improvement when compared to a loss in some of its businesses for FY2013.
Basic earnings per share were HK6.8 cents. Total revenue for FY2014 surged 52.4% to HK$84,505.4 million from HK$55,448.8 million for the previous fiscal year. Total operating profit increased by 256.2% for the year under review, with operating profit from its core businesses International Trading and Bunkering increasing by 251.1%, Marine Transportation up 243.3%, and Upstream Tuzi and Dina 1 gas fields up 21.6%. Overall operating expenses decreased by 30.9%, mainly due to the Group’s stringent cost control measures. The Group made a major breakthrough in its Upstream business with the successful acquisition of the petroleum interest of two oil producing blocks in Bohai Bay, China from Anadarko Petroleum Corporation of the United St ates in August 2014.