China Aviation Oil net profit soars 48.6% in H1
Updated: 2016-07-29 10:28
(Xinhua)
|
|||||||||
SINGAPORE - China Aviation Oil (Singapore) Corp Ltd (CAO) said on Thursday that its net profit jumped 48.6 percent to $47.8 million for the six months ending June 30 compared with the corresponding period a year ago.
It is lifted by higher trading and optimisation gains, increased supply and trading volumes as well as increased contributions from its associated and joint venture companies.
However, the overall revenue was 2.6 percent lower at $4.5 billion, due mainly to a decline in jet fuel prices, the group said in a statement.
Notwithstanding global macroeconomic uncertainties, CAO's total supply and trading volume for jet fuel and other oil products soared by 56.0 percent to 13.6 million tons in the first half year, from 8.7 million tonnes in the corresponding period a year ago.
The strong performance was achieved on the back of an 11.8 percent rise in jet fuel volumes and a 154.2 percent increase in the volumes of other oil products, in line with the group's strategic drive to expand its earning base through its diversification strategy.
"CAO turned in a commendable half-year performance on the back of sterling contributions from our supply and trading operations and portfolio of strategic investments in oil-related assets through our associates and joint venture companies," said Chief Executive Officer of CAO Meng Fanqiu.
"This set of strong results is again testament to the compelling value proposition offered by CAO's diversified and international growth platform today."
The group said it remains relentless in its focus on pursuing steady and sustainable growth and will continue to seek opportunities for expansion through acquisitions or investments in synergetic businesses and oil-related assets.
Related Stories
China's crude oil output drops in H1 2016-07-25 09:00
China cuts retail fuel prices 2016-07-22 10:34
CNOOC unit seeks A-share IPO 2016-07-19 10:37
Moving toward energy security 2016-07-19 08:14
China's crude oil output drops in May 2016-06-26 09:28
Today's Top News
Obama, Merkel stress anti-terror cooperation
Downing Street cat fight: Larry vs Palmerston
No explosion, no injury report in Germany: Police
Geneva airport tightens security after French tipoff
Bill Clinton portrays Hillary as 'change-maker'
Priest, 84, killed in France, attack claimed by IS
Knife attacker in Japan kills 19 at disabled center
Michelle Obama rocks Democratic convention
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Hollywood snaps up rock star's dog film |
Chinese people welcome dispossessed |
The can-do generation to the fore |
Riding the wave |
Leisure giants buoy cruise market |
She followed her heart |