China Aviation Oil Q1 profit up 68%

Singapore

JET fuel supplier China Aviation Oil Singapore's (CAO) net profit rose 68.2 per cent in the first quarter as the group recorded higher trading gains.

CAO's net profit for the three months ended March 31 grew to US$24.1 million, up from US$14.4 million.

Revenue slid 29.6 per cent to US$1.46 billion, as the oil price fell. But cost of sales tumbled by an even higher 30 per c…