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.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook