SINGAPORE (Nov 2): China Aviation Oil saw its revenue for 3Q17 soar 32.6% to US$5.2 billion ($7.1 billion) on an increase in trading volume and oil prices. Costs of sales likewise increased 32.8% to US$5.2 billion.
Earnings for 3Q17 however, dipped 7.7% to US$21.4 million, driven mainly by lower gross profits from lower gains from trading and optimisation activities. Gross profits fell 58.2% to US$4.3 million. This resulted in lower earnings per share of 2.49 US cents for the quarter compared to 2.7 US cents in the same period a year ago.
Share of profits from associates saw a 10.4% increase for 3Q2017 to US$21.5 million, mainly attributable to higher contributions from Pudong and OKYC (Oilhub Korea Yeosu Co).