China Aviation Oil reports flat profit for Q2

JET-FUEL trader China Aviation Oil's (CAO) net profit for the second quarter ended June 30, 2015, inched up 0.24 per cent to US$17.79 million, from US$17.74 million in the year-ago period.

In line with lower oil prices, revenue slumped nearly 36 per cent to US$2.52 billion, while earnings per share came to 2.07 US cents, close to the 2.06 US cents reported in Q2 2014.

With a near 36 per cent drop in the cost of sales to US$2.51 billion, gross profit came to US$9.21 million.

For the first half of the year, net profit was 14.1 per cent lower year on year at US$32.14 million, while revenue fell about 42 per cent to US$4.61 billion.

CAO said it will continue to focus on building a global trading network so as to expand its core jet-fuel supply and trading business globally, including expanding its aviation marketing business to more airports outside China.