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Singapore-listed China Aviation Oil Q2 profit up 222%

(Xinhua)
Updated: 2008-08-06 14:03

Singapore-listed China Aviation Oil Corp Ltd (CAO) said Tuesday its net profit in the second quarter rose by 222 percent to $17.5 million compared with the same period of last year.

Excluding the divestment gain of $134.8 million from the sale of the firm's 5 percent stake in a Spanish company Compaoa Logistica de Hidrocarburos (CLH) in the second quarter last year, CAO said in a statement, its net profit in the second quarter this year was 222 percent higher than the corresponding period last year.

This was mainly attributable to a gain on derivatives derived from physical jet fuel supply and higher volume of jet fuel procured and supplied, it said.

In the second quarter, CAO procured and supplied 1.57 million metric tons jet fuel, which was an increase of about 73 percent as compared to the same quarter last year.

For the first half of this year, the group's revenue was $2.8 billion compared to $1.1 billion for the same period last year.

The increase was mainly attributable to the higher volume of jet fuel procured and supplied as well as the higher fuel prices, CAO said.

CAO, once a major jet fuel supplier listed on the Singapore Exchange (SGX), lost $550 million in oil derivatives trading in 2004 and applied to Singapore's High Court for judicial protection. After restructured, trading in shares of CAO resumed on the SGX in March, 2006.