THIRD quarter net profit for China Aviation Oil (Singapore) more than doubled to US$17.7 million from US$7.3 million a year ago, despite revenue falling by half.
The group's revenue for the three months ended Sept 30 had dropped 49.8 per cent to US$2.4 billion, following a fall in jet fuel prices.
Cost of sales, however, decreased by a slightly higher percentage, allowing the firm to turn in a positive gross profit of US$12.9 million, against a gross loss of US$2.8 million a year ago.
The bottomline was further bolstered by reduction in administrative, finance and other operating expenses.
Said CAO chief executive Meng Fanqiu: "Our continued profitability despite an immensely challenging trading environment is an affirmation of our growing strengths in the jet fuel market...We will continue to build and bolster our global jet fuel trading network which includes expanding our aviation marketing business into more airports outside China."
The counter eased 0.5 cent to close at 71.5 Singapore cents before the release of the results.