The board of directors of Brightoil Petroleum Holdings Limited announced that, based on a preliminary assessment by the company's management of the unaudited management accounts of the Group for the three months ended 30 September 2012, the Group has recorded a significant loss. During this period, the Group's business in International Trading and Bunkering (ITB) and Marine Transportation (MT) were the major drivers of the Group's financial performance, both of which faced an extremely challenging market environment where demand and margin were poor. Based on the information currently available to the Group, the Board considers that the loss of the company for the three months ended 30 September 2012 was mainly due to the depressed shipping industry and decreasing bunker demand which impacted the Group's ITB and MT businesses that consequently led to lower margin and adjusted gross loss.