China Aviation Oil's Q1 net profit up 4.72%

MAINBOARD-LISTED China Aviation Oil (Singapore) reported on Wednesday a 4.72 per cent increase in its Q1 net profit, supported by an increase in gross profit and a 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 came up to 2.94 US cents, down from 2.81 US cents in the previous year.

The group reported a 126.1 per cent surge in revenue to US$3.3 billion, compared to US$1.5 billion in Q1 2016. This was driven largely by higher supply and trading volumes of middle distillates and other oil products.

China Aviation Oil closed at S$1.63, down six Singapore cents, or 3.6 per cent.