CAO says it posted a net profit attributable to shareholders of US$13.8 million ($17.8 million) for the 3 months ended 30 September 2010 (3Q2010), which was 26.3% lower than the corresponding period last year. This was primarily due to lower profit contribution from associated companies and lower gross profit.

In 3Q 2010, CAO continued to grow its business in jet fuel and other oil products. Total supply and trading volume for jet fuel and other oil products increased 26.9% to 2.03 million tonnes in 3Q 2010. Driven by a continued increase in jet fuel trading activities, total jet fuel supply and trading volume (which includes jet fuel procured and supplied to the China and international jet fuel trading) in 3Q 2010 was 1.91 million tonnes, up 22.4% as compared to 3Q 2009. Jet fuel imports into the China remained stable.

The group’s gross profit which was derived from: (i) jet fuel supply and trading; and (ii) trading of other oil products, was US$7.9 million in 3Q 2010, 10.4% lower than the corresponding period last year mainly due to lower gains from trading activities and higher freight costs.

The group’s share of profit in Shanghai Pudong International Airport Aviation Fuel Supply Company (SPIA) in 3Q 2010 was US$7.9 million, 29.6% lower year-on-year mainly due to a decrease in gross profit which resulted from higher cost of sales. Notwithstanding this, profit contribution from SPIA for the first nine months of 2010 was 72.8% higher than the same period last year at US$25.1 million.

The Board of CAO is pleased to declare a tax exempt interim dividend of $0.02 per share.