CEFC International Q3 net soars to US$11.97m

Singapore

WITH its enhanced trading expertise in place, CEFC International posted a net profit of US$11.97 million for the third quarter ended September, up from its year- ago figure of US$661,000.

The group, which engages in the trading of petrochemical, fuel oil and petroleum products, saw revenue rise 73 per cent year on year to US$162.3 million for Q3 2015. This was due to higher trading volume brought by the partnership that the company entered into with a subsidiary of CEFC China Energy Limited (CEFC China) in September to serve as its exclusive overseas procurement and supply platform. The new derivatives trading business also contributed to the revenue growth.