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Brightoil Petroleum (Holdings) Ltd has revealed to its shareholders that it expects to record a year-on-year increase in its consolidated net profit for the 12-month period ended 30 June 2011, based on a preliminary review by the group’s management of the unaudited management accounts.

Hong Kong-listed Brightoil said the expected profit increase was mainly attributable to a significant increase in the revenue generated from the provision of duty-free marine bunkering services and the sale of petroleum products.

The group said it recorded a significant increase in the sales volume and revenue for the period and that consolidated net profit attributable to shareholders for the year ended 30 June 2011 also rose in a comparison with the prior-year period.

Operating costs for the supply of marine fuel and the sale of petroleum products - related to the expansion of its global sales network - increased. The loss on fair value change of derivative financial instruments of futures contracts for hedging of physical inventory price risk was also higher.

Brightoil said it expects to publish its financial results on or before 30th September 2011.