Brightoil Petroleum (Holdings), which in July bought stakes in two China-producing offshore oilfields from United States oil firm Anadarko Petroleum for HKD8.35 billion, returned to the black with a lower loss on oil hedging activities and administrative expenses. The Shenzhen-based fuel trading and logistics firm had a net profit of HKD599.3 million in the 12 months to June 30, compared to a loss of HKD721.65 million in the previous year, it said in a filing to Hong Kong’s stock exchange. Revenue surged 52.4% year-on-year to HKD84.5 billion, primarily on a doubling of sales of petroleum products to HKD65.39 billion, thanks largely to a long-term crude oil supply contract with a Chinese oil company. Marine bunkering sales dropped 22.5% year-on-year to HKD17.68 billion. Brightoil is China’s only privately-owned supplier of fuel to ocean-going vessels. Operating profit from fuel trading and bunkering amounted to HKD964.23 million in the 12 months, a sharp turnaround from a loss of HKD478.19 million in the year-earlier period. Its marine transportation operation also turned in an operating profit of HKD55.5 million, compared to a loss of HKD134.9 million, as its oil tanker fleet capacity increased. Operating profit from oil and gas production grew 54.8% to HKD299.65 million, helped by higher gas prices, the South China Morning Post reports.