CAO's Q4 profit bolstered by lower cost of sales, higher contributions from associates

JET fuel trader China Aviation Oil (CAO) reported a net profit of US$11.41 million for the fourth quarter ended 31 Dec 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 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.

Earnings per share rose to 1.33 US cents, from 0.51 cent previously.

For the full year, net profit rose nearly 25 per cent to US$61.28 million, while revenue fell about 47 per cent to US$8.98 billion.

CAO has proposed a dividend of 3 Singapore cents per share.