KUALA LUMPUR, Malaysia, Sept 15 (Bernama-GLOBE NEWSWIRE) -- CBL International Limited (Nasdaq: BANL) (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. Please see below the financial highlight.
FINANCIAL HIGHLIGHT· Net income increased by approximately 5.9% or $64,000 from approximately $1,089,000 for the six months ended June 30, 2022, to approximately $1,153,000 for the six months ended June 30, 2023.
· The Group’s consolidated gross profit for the six months ended June 30, 2023 was approximately $4,006,000, representing a slight decrease as compared to the six months ended June 30, 2022 of approximately $4,043,000, such slight change was mainly due to the combination factors of the gross profit per ton 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 (in dollar amount) 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% or $43,741,000 from approximately $235,696,000 for the six months ended June 30, 2022, to approximately $191,956,000 for the six months ended June 30, 2023.
· Basic and diluted earnings per ordinary share is approximately $0.05.
· Total shareholders’ equity of the Company increased by approximately $13,202,000 from approximately $12,112,000 as of December 31, 2022, to approximately $25,314,000 as of June 30, 2023.
For details of the account report for the unaudited condensed consolidated financial statements for the six months ended June 30, 2023 and 2022, please refer to https://investors.banle-intl.com for Form 6-K filed with SEC on September 14, 2023.
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