OREANDA-NEWS. August 11, 2011. China Aviation Oil (Singapore) Corporation, the largest physical jet fuel trader in the Asia Pacific region, has posted a net profit of USD 19.2 million (USD 23.3 million) for the second quarter ended 30 June 2011 (2Q 2011), 6.4% higher than the corresponding period last year, mainly attributable to higher profit contribution from associated companies.

Total jet fuel trading volume for 2Q 2011 rose 15.2% year-on-year to 2.2 million tonnes, driven by higher trading volumes. The volume of jet fuel supplied by CAO to China continued to register moderate growth year-on-year in 2Q 2011, as the demand of jet fuel from the country rose in tandem with the growth of its civil aviation industry.

Profit contribution from CAO’s key associated company, Shanghai Pudong International Airport Aviation Fuel Supply Company (SPIA) was USD 13.3 million in 2Q 2011, an increase of 36.4% compared to the corresponding period last year. This was mainly due to higher revenue on the back of higher refuelling volumes at Shanghai Pudong International Airport and lower expenses.