SINGAPORE (Feb 28): China Aviation Oil, the supplier and trader of jet fuel and other oil products, reported a 21.7% fall in 4Q earnings to US$14 million ($18.5 million) from a year ago.
Revenue rose nearly 24% to US$4.06 billion primarily due to the increase in oil prices even though supply and trading volume decreased 0.6% to 8.20 million tonnes compared to 8.25 million tonnes a year ago.
Share of profits from associates rose 26.19% to US$16.82 million mainly due to higher profit contributions from associate Shanghai Pudong International Airport Aviation Fuel Supply Company (SPIA).
China Aviation Oil says total supply and trading volumes for FY17 hit a high of US$37.3 million tonnes. Revenue rose 39% to US$16.3 billion while earnings dipped 4.0% to US$85.3 million.
The board of directors has proposed a one-tier, tax-exempt, first and final dividend of $0.045 per share for FY17.
China Aviation Oil says it will continue to work on expanding its global integrated supply and trading value chain and grow our aviation marketing business globally.
Shares in China Aviation Oil closed 1 cent lower at $1.58 on Wednesday.
