AP Oil International full-year net profit sinks 15% on petrochemicals business

SINGAPORE - Oil and lubricants trader AP Oil International's full-year net profit plunged 15 per cent to $4.2 million mainly due to losses incurred at the company's newly-acquired petrochemicals business.

Revenue for the year ended Dec 31 increased 9 per cent to $85.7 million, largely a result of higher trading volumes during the year.

Earnings per share for the year was 2.28 cents, down from 2.88 cents the preceding year. Net asset value per share was 31.50 cents as at Dec 31, up from 28.17 cents on the same date a year ago.

In its exchange filing on Tuesday the company said it expects 2016 to be "extremely challenging".

It is developing the China market as part of long-term growth plans, and has set up a subsidiary in Shanghai and joint venture in Chongqing.