The board of Brightoil Petroleum (Holdings) Limited informed the shareholders of the Company and potential investors that it is anticipated that the Group would record an unaudited consolidated loss for the six months ended 31 December 2018 mainly due to (i) reduced transactions from the International Trading and Bunkering (the "ITB") business which is mainly a result of tightening of bank trading facilities for ITB business and (ii) depressed freight rates affecting the margins for Shipping business. The Upstream business segment continued to record profits, however, the overall gross margin for the Group is unable to cover the fixed costs incurred including depreciation, financing and other operating costs for the Group, resulting in a loss. Based on the preliminary assessment made by the Company's management, it is expected that the amount of the unaudited consolidated loss for the six months ended 31 December 2018 would be approximately HKD 452 million, subject to potential adjustments to be made during the audit.