SINGAPORE - Lower oil prices and a decline in trading volumes dragged first quarter net profit at jet-fuel trader China Aviation Oil (Singapore) Corporation (CAO) down 27 per cent to US$14.4 million (S$19.9 million).

Revenue for the three months ended Mar 31 sank 48 per cent to US$2.1 billion, as total supply and trading volumes for jet fuel and other oil products decreased 13 per cent and 30.9 per cent respectively from the corresponding period a year ago.

The group reported an earnings per share of 1.67 US cents for the quarter, down from 2.29 US cents a year ago.

Net asset value per share was 65.94 US cents as at March 31, up from 64.35 US cents as at Dec 31.