Jet fuel supplier China Aviation Oil has reported earnings of US$56.2 million for FY2020, down 43.7% from the preceding year, as the economic damage from Covid-19 comes to bear.
Due to the pandemic which curbed international travel and therefore demand for jet fuel which CAO supplies, revenue for the year was down 48.3% to US$10.5 billion.
During the year, total supply and trading volume decreased 25.2% to 27.6 million tonnes, while volume for middle distillates decreased 36% to 14.3 million tonnes.
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