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China Aviation Oil Q1 profit increases 14% to US$26.9m

JET fuel trader China Aviation Oil (Singapore) Corporation (CAO) posted a 13.9 per cent increase in net profit from US$23.6 million in the year ago period to US$26.9 million, it said in a Singapore Exchange filing on Wednesday evening.

Earnings per share increased to 3.13 US cents from 2.75 US cents in the preceding year.

With the onset of higher oil prices, revenue for the three months ended March 31 jumped 23.9 per cent from US$3.31 billion in the previous year to US$4.1 billion as total supply and trading volume increased by 4.4 per cent to 7.59 million tonnes from 7.27 million tonnes.

Net asset value per share edged up to 87.84 US cents as at March 31, from 83.79 US cents in three months ago.

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Said Meng Fanqiu, chief executive officer of CAO: "We are heartened that CAO has continued to report a commendable financial performance in the first quarter of 2018, amidst the uncertainties in the macroeconomic environment, geopolitical tensions and volatility in oil prices."

"Moving forward, CAO will remain focused on transportation fuels and is committed to driving our 'Globalisation, Integration and Asset Investment' developmental strategy to ensure stable and sustainable growth," Mr Meng added.

CAO closed flat at S$1.56 on Wednesday before the announcement.