SINGAPORE (Nov 1): China Aviation Oil (Singapore) Corporation, the largest physical jet fuel trader in the Asia Pacific region, announced an 8% decrease in 3Q earnings to US$18.93 million ($26.1 million), mainly due to lower contributions from associates.
Share of profits for 3Q18 from associates was US$17.50 million compared to US$21.51 million for 3Q17, a decrease of 18.67% mainly due to lower profit contributions from Shanghai Pudong International Airport Aviation Fuel Supply Company (SPIA) and OKYC (Oilhub Korea Yeosu Co).
Total 3Q18 revenue increased by 21.24% to US$6.3 billion for 3Q18 from US$5,2 billion for 3Q17, attributable primarily to higher oil prices even though total supply and trading volume decreased by 22.21% to 10.47 million tonnes for 3Q18 compared to 13.46 million tonnes for the 3Q17.
