CBL International 1H Net Income Rises To US$1.153 Mln

KUALA LUMPUR, Sept 18 (Bernama) -- CBL International Limited, the listing vehicle of Banle Group, an established marine fuel logistics company in Asia Pacific, reported its net income increased by approximately 5.9 per cent to US$1.153 million from US$1.089 million for the six months ended June 30. (US$1=RM4.68)

According to a statement, the company has filed with Securities and Exchange Commission (SEC) the Form 6-K Account Report for the unaudited condensed consolidated financial statements for the six months ended June 30, 2023 and 2022.

The group’s consolidated gross profit for the six months ended June 30, 2023 was approximately US$4.006 million representing a slight decrease as compared to approximately US$4.043 million, same period last year.

The slight change was mainly due to the combination factors of the gross profit per tonne of marine fuel sold and the partially offset effect by the increase in sales volume.

The increase in sales volume was mainly attributable to the comparative lower average marine fuel prices for the six months ended June 30, 2023 as compared to the corresponding period last year and coupled with the increase in the financial resources available, which, in turns, strengthened the group’s ability to purchase additional marine fuel as a result.

Due to the decrease in marine fuel price which was partially offset by the increase in sales volume, the group’s consolidated revenue decreased by approximately 18.6 per cent from approximately US$235.696 million for the six months ended June 30, 2022, to approximately US$191.956 million for the six months ended June 30, 2023.

Total shareholders’ equity of the company increased by approximately US$13.202 million from approximately US$12.112 million as of Dec 31, last year to approximately US$25.314 million as of June 30, 2023.

-- BERNAMA