China Aviation Oil Q4 net profit falls 25% to $13.5m
SINGAPORE (Reuters) - China Aviation Oil (Singapore), the sole importer of jet fuel into China, said its fourth-quarter net profit fell 25.7 per cent due to lower contributions from associated firms.
CAO, the largest physical jet-fuel trader in the Asia-Pacific region, posted a net profit of $13.5 million for the quarter. The full-year net profit rose 6.1 per cent to $70.2 million.
The company, in which BP holds a 20 per cent stake, had said that it wanted to expand into trading of other oil products to limit its dependence on aviation fuel as growth slows in China.
Last September a senior company executive expected jet fuel consumption growth in China to slip to 9 per cent from 2016 to 2020 from 11 per cent from 2011 to 2015, which will likely keep jet fuel import growth rates at almost zero.