CAO Q2 revenue dives; profit up

Singapore

ASIA Pacific's largest jet fuel trader China Aviation Oil (CAO) reported a 0.24 per cent year-on-year rise in net profit to US$17.79 million for the second quarter ended June 30.

Revenue slumped 35.8 per cent to US$2.52 billion in line with lower oil prices, but a slight fall in cost of sales and lower expenses helped to shore up the bottom line.