China Aviation Oil's Q1 earnings up 4.72%

Singapore

MAINBOARD-LISTED China Aviation Oil (Singapore) (CAO) on Wednesday posted a 4.72 per cent increase in its first-quarter earnings, supported by an increase in gross profit and higher share of results from the group's associated companies.

Net profit for the three months ended March 31, 2017, stood at US$25.29 million compared to US$24.15 million a year ago. Earnings per share for the quarter were 2.94 US cents, up from 2.81 US cents.

The jet fuel trader's gross profit grew 17.4 per cent from US$13.2 million in Q1 2016 to US$15.5 million in Q1 2017. This was mainly due to higher…