Fortune Oil announce annual financial report

Thursday, April 26, 2012
  • Revenues including share of jointly controlled entities increased by 10% to £625 million (2010: £567 million).
  • Bluesky Aviation jet fuel sales increased 14% to 2.6 million tonnes (2010: 2.3 million tonnes).

Fortune Oil (LSE: FTO.L) is a company focusing on oil, natural gas and resource supply operations and investments primarily in China. Fortune Oil has a Premium Listing, is quoted on the main market of the London Stock Exchange and has its headquarters in Hong Kong. Fortune Oil today reports its results for the financial year ending 31 December 2011.


  • Revenues including share of jointly controlled entities increased by 10% to £625 million (2010: £567 million).
  • Fortune Oil achieved record profit attributable to shareholders in 2011, up 39% to £18.2 million (2010: £13.1 million).
  • Operating profit increased by 11% to £27.4 million (2010: £24.6 million).
  • Basic earnings per share of 0.96 pence (2010: 0.69 pence) representing an increase of 40%.
  • Dividend of 0.18 pence per share declared, to be paid out on 27 June 2012 representing an increase of 39%.
  • Natural gas operating profit decreased by 3% to £10.5 million (2010: £10.8 million).
  • Share in Bluesky Aviation's net profit increased 32% to £11.6 million (2010: £8.8 million).
  • Single Point Mooring Facility's revenue increased by 15% to £17.2 million (2010: £15million).


  • Bluesky Aviation jet fuel sales increased 14% to 2.6 million tonnes (2010: 2.3 million tonnes).
  • Single Point Mooring facility achieved record throughput of 11 million tonnes, 14% higher than the previous year (2010: 9.7 million tonnes).
  • Four new city natural gas projects launched. There was a 16% increase in number of new domestic gas customers connected; 212,000 total customers.
  • Three more lateral and four vertical wells were drilled and completed at Fortune's Coal Bed Methane project in Liulin. The gas gathering system has been designed, key equipment ordered, and contractors appointed.
  • Invested in the mining licenses for three iron ore mines in Armenia.
  • Post year end established a Joint venture to invest in China Gas Holdings Ltd.


  • China Gas Holdings investment is expected to yield significant commercial opportunities for the natural gas business.
  • Opportunities to expand the number of airports under the Bluesky joint venture.
  • Drilling programme at Liulin targets gas production of 100,000 cubic metres per day.
  • Continuing urbanisation and industrialisation of China will continue to require increased oil products and natural gas supplies.
  • China 12th Five Year Plan requires natural gas as proportion of China energy usage to double by 2015.

Mr. Qian Benyuan, Chairman of Fortune Oil, commented:

"Fortune Oil delivered another strong performance in 2011 and continued to make significant progress across all core businesses. The Company's strong position, significant industry experience and clear strategic focus has allowed us to benefit from opportunities that have arisen and we remain confident of continue success in the coming years.

"We are very excited about the growth prospects for Fortune Oil. We continue to strengthen our position in the China gas industry while still seeking opportunities in the oil sector. Given Fortune Oil's attractive position within China's expanding energy and resource markets, we remain confident of delivering further success in the future."

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

Related News

Join 70,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Your details are never shared or sold. We hate spam too.

» More Jobs       » Upload a free Job       » Upload your CV

More Europe Jobs

More Global Jobs

Opinion & Commentary

  • Give us a break...
    I see that Oil & gas UK has been talking again about the need for George Osborne to ‘put his money where his mouth is’ (I paraphrase!) and change the fiscal terms operati ...
  • Why it's different this time
    Is this downturn in oil prices going to be different for investors? I think it might. In fact, I think North American energy companies have a good chance of withstanding th ...

» More Opinion & Commentary         » Write for us             RSS RSS

Oil & Gas Training

Mastering 4D Seismic
Ian Jack, London, 06 Nov 2014

Petroleum Geology of West Africa
Duncan Macgregor, London, 12 Nov 2014

Introduction to Contingency Planning: The value to oil and gas companies in high-risk areas
Mark Theobald, London, 18 Nov 2014

All Upcoming Training

Opinions & Commentary

Oil price, Nabors, Shell, Amerisur, Nostra Terra, Sundry and finally...

by Malcolm Graham-Wood

Read More »