Higher gross profit and stable profit contributions from its associates gave a boost to China Aviation Oil (Singapore) Corporation in the second quarter, it reported yesterday.
The jet fuel trader recorded a 14.4 per cent increase in net profit to US$29.3 million (S$40 million) compared with the same period last year.
Revenue jumped 57.9 per cent to US$5.8 billion for the three months to June 30, mainly due to higher oil prices and an increase in supply and trading volume.
Earnings per share (EPS) for the quarter came in at 3.4 US cents, up from 2.98 US cents a year earlier.
No dividend has been recommended, unchanged from the preceding year.
Earnings for the six months rose 14.2 per cent to US$56.2 million, translating to an EPS of 6.53 US cents, up from 5.72 US cents last year.
Revenue was up 41.8 per cent to US$9.9 billion, driven mainly by higher oil prices and a 12.1 per cent lift in total supply and trading volume to 17.56 million tonnes.
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AT A GLANCE
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REVENUE: US$5.8 billion (+57.9%)
NET PROFIT: US$29.3 million (+14.4%)
Volume for other oil products surged 42.6 per cent to 8.74 million tonnes for the first half, thanks to an increase in the supply and trading volume for crude oil.
Overall, profit contributions from China Aviation Oil's (CAO) associates rose 19.2 per cent to US$39.6 million for the six months. In particular, share of profits from its key associate - Shanghai Pudong International Airport Aviation Fuel Supply Company - increased 19.1 per cent to US$34.6 million due to higher refuelling volumes.
Profit contributions from Oilhub Korea Yeosu were up 24 per cent to US$3.4 million, mainly attributable to higher operating earnings from its tank storage leasing activities.
CAO chief executive Meng Fanqiu noted: "Despite major uncertainties in the oil markets, and the broader global economic and geopolitical outlook, we are pleased that CAO has continued to progress well, and achieved a strong set of results for (the first half)."
He added that China Aviation Fuel Europe will strengthen the company's global presence, and provide it with a springboard to grow in Europe.
CAO shares closed up three cents to $1.53 yesterday.
