SINGAPORE - China Aviation Oil (CAO) on Friday (Nov 13) reported strong third quarter earnings on the back of higher gains from its jet fuel trading business and lower expenses.
Net profit for the three months ended Sept 30 jumped 142 per cent to US$17.7 million compared with the same period last year.
Revenue plunged 49.8 per cent to US$2.4 billion, largely due to lower oil prices.
Earnings per share for the quarter was 2.06 US cents, up from 0.85 US cents a year ago.
Net asset value per share was 67.92 US cents as at Sept 30, up from 64.35 US cents as at Sept 30 last year.
"Our continued profitablity despite an immensely challenging trading environment is an affirmation of our growing strengths in the jet fuel market," said chief executive Meng Fanqiu in a statement at market close.
In the third quarter, CAO's Hong Kong subsidiary, which provides refuelling services for aircraft at the local airport, commenced operations.
According to Mr Meng, the Hong Kong operations is a milestone achievement in CAO's expansion plans.
"We will continue to build and bloster our global jet fuel trading network, which includes expanding our aviation marketing business into more airports outside China," he said.
CAO share price closed 0.5 cents down at 71.5 cents today before its results announcement.