CAO reports 32% jump in Q2 profit to US$17.7m

LIFTED by higher contributions from associates, jet fuel trader China Aviation Oil (CAO) reported a net profit of US$17.74 million for the second quarter, up 32.44 per cent year on year.

Revenue increased 4.35 per cent to US$3.93 billion due to higher trading volume of other oil products while earnings per share increased to 2.06 US cents, up from 1.56 US cents.

Cost of sales went up 4.45 per cent to US$3.92 billion, while gross profit slumped 22.15 per cent to US$11.17 million on the back of lower trading gains from jet fuel as a result of lower volumes and higher storage costs for fuel oil.