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.
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.
