Home THE DAILY EDGE Business China Aviation Oil’s Q4 net profit surges to $22.5mil
China Aviation Oil’s Q4 net profit surges to $22.5mil PDF

Tags: China Aviation Oil | China Aviation Oil (S) | China Aviation Oil (S) Corp

Written by The Edge   
Thursday, 28 February 2013 20:49
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China Aviation Oil (Singapore) Corporation, the largest physical jet fuel trader in the Asia Pacific region, today announced a net profit of US$18.2 million ($22.5 million) for the fourth quarter ended 31 December 2012, which represents an increase of 219% as compared to 4Q 2011.

The significant year-on-year increase in 4Q net profit was mainly due to higher profit contribution from associated companies and lower operating expenses. 4Q 2011 financial results included a one-off provision for doubtful debts relating to monies placed with the now defunct MF Global Singapore. Excluding this one-off provision, 4Q 2012 net profit increased approximately 82% year-on-year.

For the full-year ended 31 December 2012 (FY2012), CAO’s net profit was US$66.2 million, an increase of 4.4% compared to FY 2011. The increase was mainly attributable to: (i) higher gross profit due to higher gains from oil trading activities and consolidation of contributions from the Group’s wholly owned subsidiaries acquired in 1Q 2012; and (ii) higher profit contribution from associated companies.

The board of directors has proposed a tax-exempt first and final dividend of $0.02 per share for approval by shareholders at the forthcoming annual general meeting.

Last Updated on Thursday, 28 February 2013 20:50