China Aviaton Oil (Singapore) has reported revenue for 1HFY2023 ended June was US$6.28 billion, down 32.4% y-o-y, due to lower oil prices and volume of fuel sold.

However, earnings for the same period was down just 1.07% y-o-y to US$19.4 million as the company booked other income.

During the half year, CAO, whose key business is the sale of jet fuel in Shanghai's airport, reported total supply and trading volume of 9.46 million tonnes, down 16.06%.

Lin Yi, CAO's CEO says the results is "commendable" given the challenging operating environment, which is expected to extend into the second half of the year.

"However, with the Chinese Government’s ongoing efforts to spur growth in international air traffic in the second half of this year, the recovery of international air passenger market in China is expected to accelerate."

"As such, the group remains cautiously optimistic on its performance for the second half of the year,” says Lin.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/results/lhn-group-reports-strong-occupancy-rates-key-projects-3qfy2023-sees-steady-growth-rest?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>LHN Group reports strong occupancy rates for key projects in 3QFY2023; sees steady growth for rest of 2HFY2023</a></b></span>

CAO shares closed at 95 cents on Aug 8, up 2.72%.

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