Written by The Edge
Tuesday, 03 August 2010 17:35
China Aviation Oil (Singapore) Corporation (CAO), one of the largest purchasers of jet fuel in the Asia Pacific region, says it recorded a net profit attributable to shareholders of US$18.1 million ($24.5 million) for the second quarter ended 30 June 2010 (2Q 2010).
This is an increase of 52.7% as compared to the corresponding period last year. Compared to 1Q 2010, net profit increased 40.5%. The rise in net profit was mainly attributable to an increase in gross profit on the back of higher jet fuel supply volumes into China and more gains from trading activities; and higher profit contributions from associated companies. For the first half of 2010, net profit increased 94% to US$31.0 million.
Total supply and trading volume for jet fuel and other oil products increased 29.7% to 2.01 million tonnes in 2Q 2010. Total jet fuel supply and trading volume (which includes jet fuel procured and supplied to the China and international jet fuel trading) in 2Q 2010 was 1.91 million tonnes, an increase of 27.3% as compared to 2Q 2009.
The group’s gross profit, which was derived from jet fuel supply and trading; and trading of other oil products, hit US$10.3 million in 2Q 2010, 54.2% higher than the corresponding period last year. This was mainly due to higher gains from jet fuel supply and trading activities.
The group’s share of profit in Shanghai Pudong International Airport Aviation Fuel Supply Company (SPIA) in 2Q 2010 increased 57% to US$9.7 million. The significant increase in SPIA’s net profit was mainly attributable to higher refuelling volumes, lower cost of sales and lower finance costs.
Dividend : None
