CAO chalks up strong profit for Q4FY15
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Singapore
THE region's biggest jet fuel trader, China Aviation Oil (CAO) Corp, reported a net profit of US$11.41 million for the fourth quarter ended Dec 31, 2015, more than doubling from US$4.43 million a year ago, on the back of higher gross profit and contributions from associates.
This was despite revenue slumping some 54.4 per cent year on year to US$1.97 billion in line with the drop in oil prices and the trading volume of jet fuel.
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