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China Aviation Oil posts 4.7% rise in 1Q earnings to $35.4 mil

PC Lee
PC Lee4/19/2017 05:55 PM GMT+08  • 3 min read
China Aviation Oil posts 4.7% rise in 1Q earnings to $35.4 mil
SINGAPORE (April 19): China Aviation Oil (Singapore) Corporation, the largest physical jet fuel trader in the Asia Pacific region, reported a 4.7% increase in 1Q earnings to US$25.3 million ($35.4 million) from a year ago, supported by an increase in gros
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SINGAPORE (April 19): China Aviation Oil (Singapore) Corporation, the largest physical jet fuel trader in the Asia Pacific region, reported a 4.7% increase in 1Q earnings to US$25.3 million ($35.4 million) from a year ago, supported by an increase in gross profit and higher share of results from the group’s associated companies.

In the 1Q17 ended March, the group’s gross profit grew 17.4% to US$15.5 million from a year ago. This was mainly due to higher gains derived from trading and optimisation activities, as the group continued to make steady progress in establishing itself as a global top-tier integrated transportation fuels provider.

Backed by higher profit contributions from CAO’s key associate - Shanghai Pudong International Airport Aviation Fuel Supply Company (SPIA), the group’s share of profits from associates rose 5.1% to US$14.9 million.

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