China Aviation Oil (Singapore) Corporation Ltd (CAO), the largest purchaser of jet fuel in the Asia Pacific region, announced here Thursday its net profit last year rose 21 percent to reach 54.7 million US dollars.
Meng Fanqiu, chief executive officer of CAO, said at a news briefing Thursday that the civil aviation industry of China continued to grow at robust pace in 2010, with a 16 percent increase in total air passenger traffic, which has in turn led to higher jet fuel import volumes into China.
"Oil trading market conditions were generally less favorable in 2010 as compared to 2009, which posed challenges to our trading business. However, our trading portfolio was profitable and remains a significant profit contributor to the China National Aviation Fuel Group Corporation," Meng said.
He revealed that the company's credit and trading facilities increased 80 percent during the year to about 1.3 billion US dollars, which, he said, provides sufficient liquidity to support business growth.
Sun Li, chairman of CAO, said: "Looking ahead, CAO is likely to continue to benefit from the expected double-digit growth of China 's civil aviation industry."
He said the company will continue to fortify its position as the leading jet fuel supplier in Asia Pacific region as it remains committed in building up its oil trading business through organic growth and acquiring synergistic oil-related assets.
Meng Fanqiu, chief executive officer of CAO, said at a news briefing Thursday that the civil aviation industry of China continued to grow at robust pace in 2010, with a 16 percent increase in total air passenger traffic, which has in turn led to higher jet fuel import volumes into China.
"Oil trading market conditions were generally less favorable in 2010 as compared to 2009, which posed challenges to our trading business. However, our trading portfolio was profitable and remains a significant profit contributor to the China National Aviation Fuel Group Corporation," Meng said.
He revealed that the company's credit and trading facilities increased 80 percent during the year to about 1.3 billion US dollars, which, he said, provides sufficient liquidity to support business growth.
Sun Li, chairman of CAO, said: "Looking ahead, CAO is likely to continue to benefit from the expected double-digit growth of China 's civil aviation industry."
He said the company will continue to fortify its position as the leading jet fuel supplier in Asia Pacific region as it remains committed in building up its oil trading business through organic growth and acquiring synergistic oil-related assets.
