CBL International Limited (BANL) has released an update.
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Banle Group, a key player in Asia Pacific’s marine fuel logistics, reported a decline in FY2023 revenue and net income by 5.8% and 69.3% respectively, compared to the previous year. Despite this decrease, the Group achieved an 18% increase in sales volume due to its IPO funding, which supported business expansion including a new biofuel supply. However, the growth in sales volume was offset by lower average oil prices and increased operating expenses, leading to a net income of US$1.1 million.
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