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CAO's net profit rises 26% on higher gross profit, lower expenses

Q3 gross profit up 47.1%, mainly due to higher jet supply volume, and higher profits from trading and optimisation activities

Vivienne Tay

Published Fri, Nov 1, 2019 · 09:50 PM

Singapore

CHINA Aviation Oil (Singapore) (CAO) posted a 26 per cent rise in net profit to US$23.9 million for its third quarter ended Sept 30, from US$18.9 million a year earlier.

This was mainly due to higher gross profit and lower operating expenses, partially offset by a lower share of results from associates, the jet fuel trader said on Friday. Earnings per share stood at 2.77 US cents, up from 2.2 US cents a year ago. No dividend was declared for the quarter, unchanged from a year ago.

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