China Aviation Oil Q3 profit more than doubles despite halving of revenue

Singapore

NET profit for China Aviation Oil (Singapore) more than doubled to US$17.7 million in the third quarter from US$7.3 million a year ago, despite revenue falling by half.

The firm's topline for the three months ended Sept 30 had dropped 49.8 per cent to US$2.4 billion following a fall in jet fuel prices. These averaged US$66.50 per barrel in the third quarter, compared with US$119.14 in the same period last year, said the largest physical jet fuel trader in Asia Pacific.