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JET fuel supplier China Aviation Oil (Singapore)'s 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$1.45 billion, as the oil price fell. But cost of sales tumbled by an even higher 30 per cent, resulting in a higher gross profit.
CAO's chief executive Meng Fanqiu said that the group's strong first quarter performance in spite of global economic uncertainties and volatility in the oil market demonstrates the value proposition offered by its diversified and international growth platform.
"Going forward, the group will continue to proactively source for M&A opportunities in line with the group's corporate strategy to invest in assets and businesses synergetic to our trading and supply business," he said.
"This overarching strategy to achieve vertical integration of the group's value chain and build structural advantages across its diversified business platforms will ensure the steady and sustainable growth and development of the its businesses and realise its long-term strategy."