China Aviation Oil H1 profit sinks 57% to US$23.6m

published 30.07.2020 16:23

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"Despite the increased global economic and demand uncertainties which has inevitably impacted the businesses of CAO and its associated companies significantly, CAO's businesses have remained stable for the first half of the year."

Stay updated with BT newsletters For H1 2020, total supply and trading volume dropped 24.4 per cent to 13.2 million tonnes, from 17.4 million tonnes for the corresponding period last year.

This was primarily due to the decrease in oil prices and total supply and trading volume, the company said.

In particular, contribution from the group's key associate, Shanghai Pudong International Airport Aviation Fuel Supply Company, plunged 93.8 per cent year on year to US$2.1 million, due to lower refuelling volume and oil prices, amid the novel coronavirus outbreak, CAO said.

Thu, Jul 30, 2020 - 2:23 PM JET fuel trader China Aviation Oil (CAO) on Thursday posted a 57 per cent fall in net profit to US$23.6 million for the half year ended June 30, from US$54.8 million a year ago.

by Rachel Mui from businesstimes.com.sg

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