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SINGAPORE : China Aviation Oil Singapore (CAO) has posted a near 46 per cent increase in third-quarter net earnings, compared to a year ago.
Net profit for the three months ended September came in at US$15.3 million. The strong performance was attributed to higher gross profit and tax write-backs.
Revenue rose 115.9 per cent to US$1.6 billion, mainly due to the higher volume of jet fuel procured and supplied, as well as higher fuel prices.
For the first nine months of the year, net profit came in at US$41.8 million, 73.3 per cent lower compared to last year. In the same period, revenue increased by 135.2 per cent to US$4.45 billion.
The company also announced that Mr Lim Jit Poh will step down as independent chairman with immediate effect. Current independent director Dr Wang Kai Yuen will take over as chairman.
Mr Lim will take on the role of senior adviser to the company for one year, starting November 15.
Mr Ang Swee Tian, who was the president of the Singapore Exchange from 1999 to 2005, has been appointed as a new independent director. - CNA/ms
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